Ethereum has gone off the record high, but analysts see this as a positive

On April 23, Ethereum was in a significant downward correction, like most digital assets on the market. On April 22, Ethereum’s asset hit an all-time high of $2.6k (+9.2% overnight), and against bitcoin was at 0.047, its highest value since August 2018.

Ethereum is trading around $2.1k at the start of April 23, but analysts see this as a positive. For example, Raul Pal, founder of Global Macro Investor and Real Vision Group, admitted that he has two lines of thought on the matter. Looking at the ETH/BTC chart, he sees the probability of Ethereum price bouncing up. He also has high hopes for the arrival of Ethereum 2.0, when transaction fees from Ethereum will be reduced, which will also have a positive impact on the development of decentralized finance (DeFi).

It is worth noting that the time of Ethereum2.0 appearance has not yet been determined, and the recent regular update of Ethereum, which was aimed at partially solving the problem of reducing the average commission amount, gave mixed results. Thus, Larry Kermack, head of research at The Block drew attention to the sharp fluctuations in the actual commission value in the Ethereum blockchain, without finding an explanation for it.

While paying tribute to Ethereum’s prospects, Pal at the same time stressed that he remains committed to bitcoin as well. Such dual thinking was also appreciated by famous Wall Street trader, Peter Brandt, who wrote that he sees the situation in a similar way.

Curiously, Ethereum’s price decline (on the evening of April 22) began at a time when there was a noticeable decline in the stock of these digital assets on cryptocurrencies – usually a sign that such a digital asset could begin to rise. This time, however, Ethereum went down amid a general downward correction of most digital assets.