The year has been slow and started on a low point for most cryptocurrencies. This is due to a variety of factors. With China and Russia banning any crypto-related activities in the countries and US Federal Reserves planning on a hike in interests, there has been panic.
Many people have sold off their crypto assets to receive the money in the above-mentioned countries. On top of that, the rising interest rates might just hurt the recovery even more,
BTC has recovered since then and is currently at $39k. But after the $4k high, ETH is at $2.7k. It has bounced back and has recovered 12% from its lowest point, but bulls want to get out of the bear market as soon as possible.
The enthusiasts think this might be the flip and now the ETH might just enter a bull run. This is what many people hope for after a slow start to the new year. Many people have said that the bull run will only begin once the ETH crosses the $3k mark. This might be possible because they are already upgrading their blockchain and adding Web3.0 and ETH2 too.
The new updates make the blockchain much more semi-autonomous and people are free to create and maintain their subdomains. If you have been planning to add ETH to your portfolio, then take advantage of the dip and buy it right now. Later on, it might just get too expensive to get into. Be an early adopter and reap the benefits later on.