Like everything else in the stock market, Ethereum prices have also fluctuated wildly, and reaching new lows. ETH prices were at their lowest in January and experienced a sharp spike, unusual in a bear market.
On February 9th, ETH prices retested the $3000 level. This is a good recovery considering that its value on January 24th was $2150. The reason for the recovery was, to some extent, KPMG’s announcement that it was adding Ether as well as Bitcoin to its balance sheet for the Canadian office. In response to this news, Bitcoin value rose to $45,500, the best level in close to a month. Other than this news, KPMG did not say now much it had invested in the crypto market. The aim was to help clients navigate crypto investing safety.
Anthony Pompliano of Pomp Investments called this move by KPMG a forward-thinking action and added that such involvement would offer a lot of confidence to clients. Clients who would otherwise have shied away from crypto investing. Anthony Pompliano also feels that demand from the corporate sector will benefit from persistent investment in the decades to come.
Low Ethereum prices were at their 7th lowest level and this phenomenon is being termed “crypto winter”. It has managed to recover 50% of losses and rising to its current $2150 value. Experts and analysts expect the 2nd half of 2022 to be a good year for ETH to make good gains and shift from POW to POS in specific areas.