ETH has recovered roughly 50% in price since Jan. 24, when the ETH/USD price declined to a low of $2,150. The price of ETH has experienced its fastest recovery from a decline to date.
KPMG, one of the largest accounting firms in the world, announced on Feb. 7 that its Canadian division will begin adding Bitcoin (BTC) and Ether to its balance sheet, which helped boost ETH’s value. In light of the news, Bitcoin climbed above $45,500, its highest level in nearly a month.
In its report, the Big Four accounting giant chose not to disclose how much it is investing in Bitcoin and Ether. But KPMG did say that they are helping their clients “navigate” the world of crypto assets.
What’s Next for ETH?
In the midst of what some called a new “crypto winter”, the Ethereum price recently recorded its seventh 50% fall in history, according to data from Arcane Research. However, it rebounded by rising from its bottom level of $2,150 to $3,234 in a matter of three weeks. From the start of the cryptocurrency market boom in 2020–2021, Ethereum’s price is now above its 50-week exponential moving average.
In comparison to an average recovery time of 165 days, the latest Arcane Research report shows that Ether’s recovery has been the fastest to date. Arcane Research wrote: “ETH fell 94% to its ATH during the crypto winter of 2018 compared to a 50% drop in March 2016, the market rallied in just 67 days. Currently, Ethereum and the broader crypto ecosystem are looking very different from 2016-2018. However, if history repeats itself and a freeze period similar to 2018 sets in, we could see ETH back in the $4,000 range as early as July of this year.”