As global threats continue to rise, the overall cryptocurrency market is treading water. The second-largest cryptocurrency by market capitalization, Ethereum (ETH), is still being impacted by the crypto-wide sell-off. ETH has lost over 4% in the last 24 hours and over 5% weekly, outperforming other altcoins with diverse dynamics.
After failing to break above the $3,581 level and the daily MA 200 zone, Ether is now headed for a significant monthly loss on a strong drop. At the time of writing, the ETH/USD fall is still ongoing, with the bearish bias holding under $3,000. The current price of $ETH is $2,814 according to CoinMarketCap.
Ether has been slowly dropping after failing to close above the MA 50 ($3,030) on April 25. The price has moved near oversold levels and into the negative zone of March 2022 as a result of today’s sell-off to $2,775 low, supporting the case for a fall. If the price falls below today’s low, the $2,500 support level may be tested.
If the RSI shows oversold conditions at 30, an upside correction or some stability should not be ruled out in the near future. If the price sustains the next support level of $2,700, it may try again for the $3,000 range before returning to the MA 50 ($3,050). Bulls may try to reduce negative risks by resuming the advance above the 50-day moving average.
Standard Chartered sees Ethereum Reaching $35K
According to Business Insider, Geoffrey Kendrick, head of crypto research at British banking behemoth Standard Chartered, believes that the price of Ethereum can still achieve a lofty aim of $35,000 in the long run.
Last September, the leading British investment bank published the overly optimistic objective for the first time. The bitcoin market was gearing up to begin another huge climb following a minor dip at the time.
Kendrick predicted that Bitcoin would reach a top of $100,000 in early 2022 in September. While Bitcoin did reach a new all-time high of $69,000 in November, it subsequently began a bearish cycle prompted by macroeconomic variables. At the time of writing, the largest cryptocurrency was trading slightly below $39,000, trailing U.S. stocks.
Despite the selloff, institutional money continues to come into crypto, according to Standard Chartered’s chief crypto researcher.
According to Kendrick, the forthcoming switch to proof-of-stake will undoubtedly benefit Ether’s price. Following a series of delays, the much-anticipated network upgrade is set to take place later this year.
Avalanche and Polkadot are the major Ethereum challengers, according to the expert, who ignores Solana.
To capitalize on increased institutional demand for cryptocurrencies, one of Standard Chartered’s businesses revealed plans to open a cryptocurrency brokerage in July.
Bill Winters, the CEO of Standard Chartered, stated in October that bitcoin was here to stay. Because central banks are experimenting with their monetary policy, he said it was “absolutely reasonable” for consumers to invest in non-fiat cryptocurrencies.