- Ethereum (ETH-USD) has tumbled well below the key $2,000 threshold today
- Other cryptos are also sinking today
- However, some pundits are still very bullish on Ethereum
Ethereum (ETH-USD) is sinking 5% to $1,866 today, putting the value of the crypto well below the key $2,000 threshold. Nevertheless, a number of websites are continuing to issue very bullish Ethereum price predictions.
Other alternative cryptocurrencies, also known as altcoins, are retreating as well. Bitcoin (BTC-USD), however, is falling by a comparatively lower 2.4%.
According to one trader cited by Forbes, “Friday’s monthly options expiry” is increasing the volatility in major coins and tokens today.
Other have suggested that a risk-off mindset on Wall Street in recent months has caused crypto prices to decline. I have previously written that the removal of stimulus by the federal government and the Federal Reserve has resulted in lower crypto prices.
For example, back in December, I reported that “the elimination of the lion’s share of federal stimulus in September seems to have taken a great deal of air out of the crypto craze.” I also noted that “there are multiple reasons to expect the crypto craze to collapse in the not-too-distant future.”
Ethereum Price Predictions
And most cryptos, including Ethereum, have indeed sunk sharply this year. Still, some pundits are still issuing very ambitious Ethereum price p0redictions.
For example, the website Wallet Investor predicts that the currency’s price will hit $3,930 in a year, while another publication, DigitalCoinPrice, has an “average” price estimate of $2,745 for 2023.
Most bullish is Gov Capital, with a 12-month price target for Ethereum of $4,130.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.