The collapse of FTX has posed serious threats to the stability of the cryptocurrency market and disrupted the stability of cryptocurrencies including Bitcoin and Ether, as well.
These fluctuations in cryptocurrency prices have caused investors and institutions billions of dollars.
Following the current dynamics of the cryptocurrency market trends and instability, analysts are being forced to carry out thorough analyses of the future prices of some of the world’s most prestigious cryptocurrencies.
Ethereum Price Fluctuation
On November 29, 2022, Ethereum (ETH) was priced at $1170.12, a new low of November. However, the price surged on November 30, 2022, as it touched the $1216 mark.
However, following the bullish trend on December 01, 2022, Ether’s (ETH) price nearly touched the $13000 mark. But this rise was short-lived as the next day cryptocurrencies crashed, and the ETH closing price on 2nd December 2022 was around $1,294.30.
This price rise and fall is the story of intense volatility caused by the collapse of the FTX crypto exchange early on in November 2022.
It is worth mentioning that the collapse of FTX is not the only reason that cryptocurrencies are facing volatility and stuck between bearish and bullish market trends, interest-rate hikes rumors and increased inflation has also played their part.
Given the current circumstances, analysts are forced to believe that it is impossible for any cryptocurrency to achieve stability earlier than the mid of the year 2023.
Analysts further added that the market might see a further bear run to the downside of Ether (ETH) price.
Moreover, the data published by ‘Dailycoin.com’ one of the most-trusted online crypto platforms argued that moving forward some rests are expected, but after those rests how high or low the prices might fall is difficult to predict.
Context of Ethereum (ETH) Price Hikes
Investors need to understand the context of the prices for a better understanding of the price future.
The rapid downfall in cryptocurrency prices started on the 5th of November. Moving forward on 9th November 2022, Ethereum (ETH) price declined by 35%.
This abrupt drop in price occurred shortly after Ethereum (ETH) resurgence that occurred in September.
Talk of September, on September 21, 2022, Ethereum (ETH) was valued at $1,244, a 33.5%, which lasted till the 5th of November, when Ethereum was being traded around at $1,661.
But even that peak remained lower than the previous high of August 14th. However, the price rise which started on the 21st of September was not the result of any rumor or bullish trend. This price hike was pretty natural and stable.
In contrast to the stable price hike till the 5th of November 2022, the current price decline and volatility show the impulsive behavior of the market caused by a series of misfortune incidents.
Even though the current market unrest seems unstoppable at the moment. But an analysis posted by “Dailycoin.com” argued that there might be some shortlived uptrends.
This a perfect opportunity for investors to go short and make some staggering profits within the span of 24 to 48 hours. But prices are bound to go down after these short-term hikes.
The Projection of Ethereum (ETH) Price
Many analysts have made certain that if the current price hikes seem natural, and caused by a series of issues such as the FTX crypto exchange collapse, interest-rate hikes, high inflation, etc., then it is certain that once these issues will be settled the prices will rise dramatically.
Especially for those who are willing to invest in Ethereum (ETH) should keep the $14,000 mark in focus. But before expecting any rise, it is expected that the Ethereum price might drop to $1,000.
Moving forward, Ethereum’s (ETH) price can potentially surpass 9th November’s low. The ultimate price target for Ethereum is likely to be between $760 and $600, according to the Dailycoin’s analysis.
The overall picture for the Ethereum prices seems quite relentless, as prices can eventually drop below the $1000 mark.