After the cryptocurrency market collapsed in January, some assets closed the month in the red. This includes Ethereum, the second-largest cryptocurrency by market capitalization, which went below 27% from December. While Ethereum (ETH) has already seen positive returns in February, the potential of a price crash remains. The price of ETH might drop as low as $1,700, according to Bloomberg. Experts believe, however, that Ethereum’s bullish fundamentals will be preserved. Ethereum May Follow Last Year’s Price Trend Bloomberg has warned that it is pessimistic on Ethereum (ETH). Bloomberg experts anticipate that Ethereum might fall to as low as $1,700 in their latest Intelligence report. The drop, however, could be followed by an upward correction. According to Bloomberg, Ethereum (ETH) could follow in the footsteps of last year’s June to September price movement, and fall below current levels to reach the aforementioned price. The report reads: “Ethereum could repeat last summer and revisit about $1,700. Once the weaker leveraged long positions were purged, the resolution was a new high around $4,800 in November. Ethereum approaching the lower end of its range has greater risks for shorts than longs.” Led by senior commodity strategist Mike McGlone, the analysts noted that the ETH market is in a consolidation phase near the end of a bull market. This is evidenced by the fact that the market has benefited both bu...
