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Ethereum Price Drops 9%, Yet Analysts Predict 650% Rally

Ethereum Price Drops 9%, Yet Analysts Predict 650% Rally
  • Ethereum price high collapses as the crypto market crashes.
  • Crypto enthusiasts are optimistic and expecting the ETH price to hit $10,000.
  • DeFi creates a favorable background for the rise in the price of Ethereum.

Ethereum price dropped over 9% in the last 24 hours as the crypto market crashed.  On the other hand, crypto enthusiasts and analysts are still optimistic and expecting the second-largest cryptocurrency after Bitcoin to hit $10,000, signalling a 650% rally.

Ethereum price dips over 9% in 24 hours
Cryptocurrency, Ethereum, Market Analysis, DeFi, Crypto Payment, PoS, Market Prediction

Despite a record-high set on January 19, Ethereum could not resist the market crash pressure. After reaching $1,439, it shed several hundred dollars off its price. At the time of writing, the ETH price is trading at $1,152.20, still down by over 9% for the last 24 hours.

In this regard, many are wondering whether crypto is a bubble ready to pop. However, Ether’s price remains much higher than it was at any time before. Many people are still waiting for Ethereum 2.0 to launch when Proof-of-Stake (PoS) comes in.

Aside from that, crypto enthusiasts and analysts can see the DeFi power. They believe that DeFi will be huge. According to WazirX CEO, it is Ethereum’s enormous technological innovation. And the more DeFi grows, the more will be the need for its native currency ETH.

It is also worthy of mentioning that the decentralized finance market has grown by 64% since the beginning of this year. The total value of the DeFi market exceeds $22 billion. Analysts understand that this creates a favorable background for the rise in the price of Ethereum and attracts new investors.

DeFi is a dominance maker with 17.85%
DeFi is a dominance maker with 17.85% (Source: DeFi Pulse)

Notably, David Grider, Fundstrat Global Advisors strategist, expects the ETH price to reach $10,500 — a 650% rally. Grider also believes that Ethereum will benefit from its massively growing DeFi apps. Moreover, the recent upgrade of the Ethereum network, targeting to become a blockchain for the whole financial system, makes Grider optimistic even more. He said, ‘when fully completed, the three-part upgrade would allow the blockchain to process the same number of transactions as those done by the likes of Mastercard Inc. and Visa Inc.’

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.