During the crypto market crash in January, the price of Ethereum (ETH) fell below the $2,200 price point. It was January 24 when the ETH price fell to its lowest point since July 2021. Pantera Capital’s Joey Krug believes $2,200 ETH was likely the bottom.
Joey Krug Says $2200 Was ETH Bottom?
In a recently published blog from Pantera Capital, Dan Morehead, CEO, and Joey Krug, Co-CIO shared some helpful insights into market behavior.
He said: “Our macro view here is that crypto was definitely hit by a lot of news about the rate hikes the Fed is planning. As of today, the market’s pricing is in about five rate hikes — and I think a lot of that is overstated in crypto”.
Ethereum (ETH) went to a low of about $2,200 or so, and if you look at the 10-year treasury, it peaked at about 1.9% and has more or less leveled off since then, he added.
“Our view is that in the coming weeks it will decouple and crypto will trade independently again. It’s my personal opinion that $2,200 ETH was probably the bottom,” Joey Krug said
What about ETH?
In the recent update, Twitter, the social media giant, has added support for Ethereum wallet alongside Bitcoin as an additional payment option for the tipping feature. Now users can also connect their Ethereum wallets to the platforms.
Have you already set up Tips in your profile so that people can easily show their support?
Yes: cool, we’ve added Paga, Barter by Flutterwave, Paytm and the option to add your Ethereum address.
No: what are you waiting for? Here’s how: https://t.co/Id5TwTpnCF
— Twitter Support (@TwitterSupport) February 16, 2022
Meanwhile, Ethereum has been hovering around the $3,000 price range since early February. The world’s second largest cryptocurrency is trading at an average price of $2,996.97, down 2.28% in the past 24 hours. ETH has registered a 24-hour trading volume of $15,462,694,592.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he plays video games, watches a thriller or participates in outdoor sports. Reach me at [email protected]
This post “$2200 was probably the Ethereum bottom,” says Pantera Capital’s Joey Krug
was published first on https://coingape.com/2200-ethereum-bottom-pantera-capital/