ETH must hold the $4K mark and demand continue to absorb supply

21. Okt. 2021

ETH needs to hold here or at least 4K. My expectation is that it will start to move lateral and with caution. ETH primary usage now has been the huge demand for NFTs. The space of NFTs however seems like the Wild Wild West, where investors and buyers (collectors) are having a hard time identifying the good projects from the rotten apples, which now I can say are plenty. Unfortunately for the NFT sector, the risk of scams is starting to hurt the unsuspecting buyers that were being attracted by the idea of high returns and quick flips. Perhaps that will take a pause in the coming months as I can see demand during minting (even for good and proven projects) to start falling. Some good projects which started to mint weeks ago have been unable to sell out despite good efforts from the marketing team, developers and artists. The Coinbase advancement into NFTs may bring a tailwind to the sector, and supply of ETH still looks a bit constrained so any increased demand for ETH can be reflected in additional volatility.