As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lowe...
The past two days following the weekend close have not been the best for Ethereum. Along with the broader crypto market, the digital asset has suffered numerous dips that saw it break below $3,000 for the first time in a month. Although recovered back above $3,000, Ethereum continues to have a hard time maintain its position above this resistance point. Although hopes are up in the community for recovery, a JPMorgan strategist has warned that the market is likely to see more dips that will drive the price of the digital asset further down. The strategist’s forecast essentially puts....
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A strategist at JPMorgan stated that ether’s fair value is way lower than its current price. According to a set of measurements based on network activity, he calculated ether’s value at $1,500, 55% lower than its market price. One of the reasons argued for this assessment, is that Ethereum is not so unique anymore, and it is facing tough competition from other chains like Solana and Avalanche.
JPMorgan Strategist Thinks Ether Is Overvalued
Nikolaos Panigirtzoglou, Managing Director of JPMorgan, stated that he thinks ether (ETH), the native asset of the Ethereum....
JPMorgan analyst Nikolaos Panigirtzoglou said that a medium-term fair value for Bitcoin now stands between $24,000 and $36,000. Following the worst May for Bitcoin’s (BTC) price in the past 10 years, the largest cryptocurrency is likely to continue falling in the short term, according to JPMorgan analysts.Weakened institutional demand is likely to drag the Bitcoin price below $30,000, JPMorgan strategist and Bitcoin expert Nikolaos Panigirtzoglou wrote in the latest research note to clients.Based on Bitcoin’s volatility ratios to gold, the JPMorgan analyst forecasted that Bitcoin will....