One of the world’s largest banks and financial institutions has said that if Bitcoin reaches $ 175,000, Ethereum will experience a price of $ 35,000.
to the Report Crypto Briefing, analysts at Standard Chartered, one of the giants of the global financial services industry, believe that Ethereum has more room to grow and could even surpass Bitcoin as the market’s number one digital currency. The technical indicators also show that the Ethereum market is prepared to experience a price correction before continuing its upward trend.
The Chartered standard predicts an upward market for Ethereum. The London hardfork on the Ethereum Blockchain has recently attracted a lot of attention to this digital currency. With 224,700 Ethereums burned to date and another 7.5 million tokens locked in Ethereum deposit contracts, many analysts believe a major “supply shock” for the digital currency is imminent. The supply shock refers to a situation that ends with the rapid increase in demand for the stock of exchange offices.
The Chartered Standard is one of the latest financial institutions to address Ethereum’s uptrend. A recent report by the British banking giant states that Ethereum can be considered a financial marketplace, as it allows users to lend and make profits from their investments, among many other services. The Chartered standard says such extensive performance could allow Ethereum to increase its market value to Bitcoin.
The multinational banking and financial services company has estimated the price of Ethereum to be $ 26,000 to $ 35,000 if Bitcoin crosses $ 175,000, representing a 1,000 percent increase over the current price. . Ethereum’s $ 35,000 increase brings the market value of this digital currency to approximately $ 4 trillion, depending on the impact of the anti-inflationary structure of the EIP-1559 Ethereum Improvement Plan.
Despite this optimistic outlook, the Ethereum market trend does not appear to be bullish in the short term. The Tom DeMark index, or “TD,” has recently provided a sell signal in the daily view of the Ethereum market. In the Tom Dimark index, a downtrend has formed with 9 consecutive candles emerging, which indicates that the market will probably face 1 to 4 consecutive correction candles before returning to the uptrend. Like the Relative Strength Index (RSI), Tom Demark displays buy saturation or sell saturation on the chart.
If the candlestick closes below the $ 3,800 support level daily, the price will probably fall to the level of 61.8% or 50% of the Fibonacci correction. These key support levels are at $ 3,350 and $ 3,050, respectively.
Ethereum fell 15 percent to $ 3,350 on Tuesday as the market shook. The price of bitcoin fell by more than 10 percent, while the price of tokens with lower market value fell by 20 percent or even more.
Just closing the candlestick above $ 4,030 a day can invalidate the downtrend hypothesis. In such a unique situation, Ethereum shows signs of starting the uptrend and moving towards the correction level of 127.2% Fibonacci at $ 5,115.