https://ift.tt/3mzwWkb and Bitcoin Price To Hit This Level by Q2 2022!

The cryptocurrency market is recovering from recent corrections. We can see that the market remained stable during the Christmas weekend and might continue ahead. Bitcoin price tested the $50K zone and is currently nearing the $51,000 level again. The second-largest crypto, Etherem could accelerate if there is a clear move above the  $4,120 level. 

What Ethereum Traders can Expect this week! 

At press time Ethereum price is trading above the $4k level. The altcoin is now eyeing to test the $4,120 resistance. On a successful breakout, the second resistance lies at the $4,150 level, above which the price could test USD 4,250.

On the downside, the initial support is at the $4,050 level. In case of an extended bearish trend, The next key support is at the $4,000 level, below which the price might retest $3,920.

Ethereum Is Expected To Have A Big Year

Although Ethereum had a strong year in 2021, the digital asset is expected to end the year in a less than bullish tone. Nonetheless, investor attitudes about the altcoin remain favorable, as most believe the cryptocurrency will do well in the future years. One of them is Armando Aguilar, a crypto research analyst at Fundstrat, who expects Ethereum will quadruple in price next year.

The cryptocurrency industry was shaken by multiple bull rallies and falls during the year. and the expert expects the choppiness to continue into next year. However, from his perspective, next year does not appear to be as dreadful.

In a recent report of the Business insider, Aguilar believes institutional adoption of bitcoin will lead to a great year. This has significant consequences for Ethereum, as the coin has now lost its footing over $4,000. According to Aguilar, the price of Ethereum will continue to rise well into the year 2022.

By the second quarter of 2022, he expects the price of the second-largest cryptocurrency by market cap to be $9,000. The growth of decentralized finance (Defi), the metaverse, and new financial technologies (NFTs) will all contribute to this.

Bitcoin is Worth Six Figures

The analyst predicts that bitcoin will finally reach six figures in the next 6 months. He attributes this to institutional investors’ increased use of bitcoin as a means of combating rising inflation rates. As a result, the price of bitcoin will finally rise towards the anticipated $100,000 mark.

According to Aguilar, Institutional investors can also obtain exposure to the digital asset through the different ETFs that have been approved by the SEC. Through the Balance Sheet Opportunities ETF, funds like Valkyrie follow US public corporations that are exposed to bitcoin.