InvestAnswers Calls Ethereum a ‘Beast’ and Says the Upside ‘Far Exceeds the Downside’
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Popular crypto analysis and market commentary show InvestAnswers says that the upside potential for Ethereum outweighs the downside, and predicts a bumpy month ahead for Bitcoin.
Speaking in a new YouTube episode, the host of InvestAnswers told viewers that Ethereum’s chart is showing a mix of support and resistance levels, but that ultimately the upside outweighs the downside.
As reported by The Daily Hodl, the show’s host said:
“I believe the upside of 60% to get back to all-time highs far exceeds the downside of about $2,400 – that’s 20% from where we are today.
“From that perspective, you’ve got to weigh it up. Do you think there’s a faster horse you can jump on? What is your tax situation if you sell? How much you have to pay is going to eat into your profit.“
While the price of Ethereum has been in a slow recovery since falling to $2,200 in late January, the price is still far from it’s last all-time high of $4,800 experienced in November 2021.
InvestAnswer’s host claimed to still be bullish on Ethereum, saying it was a “beast” of a cryptoasset. The analyst also noted that the majority of projects in the industry of crypto run on Ethereum, with the advent of layer-2s bringing a fresh wave of utility. However, the host said there was a possibility for Ethereum to “slowly get nibbed away” by some of the other layer-1 options out there.
InvestAnswers also tackled the outlook for Bitcoin, claiming that March has traditionally been a rough month for the leading cryptoasset by market capitalization. The show’s host highlighted the potential negative impact of the U.S. Federal Reserve meeting next month, in addition to global unrest, saying that March “could be rocky.”
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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