In recent days, Ethereum (ETH) has surpassed its record level, reaching over $4900, but then faced a sharp correction.
New Records for Ethereum
Ethereum, which had been trailing Bitcoin until recently, has finally exceeded its 2021 record by rising above $4900. This event has drawn the attention of investors and analysts amid the growing interest in cryptocurrencies.
Correction and Its Causes
Despite its recent success, Ethereum and other altcoins have faced a sharp correction. The main factors include uncertainty regarding interest rates from the U.S. Federal Reserve, massive sell-offs by large investors, and overall market pressure.
Analyst Predictions
According to Fundstrat analyst Mark Newton, the current level of $4300 may be a short-term bottom for ETH. He noted that as long as the price does not drop below $4067, Ethereum has the potential to rise to $5400. Tom Lee, head of Bitmine, also affirmed this analysis, emphasizing that ETH may soon reach new heights.
Nonetheless, after a short-term correction, Ethereum shows signs of possible growth if market conditions stabilize.
