After the last bull run, Ethereum price is now a long way from the $4,891 high. The leading altcoin, which has gradually dropped to $2,000, could see an additional 80% drop, according to a 22V Research analyst. Let’s examine the analyst’s views, keeping in mind that the estimates are not precise.
Crypto analyst predicts 80% drop in leading altcoin project
According to a recent Bloomberg article, 22V Research’s John Roque is an 80% drop from the current price of Ethereum 420 estimated to reach $. The analyst predicts that Ethereum, which is currently trading at $2,000, is about to break the support zone and will likely drop below $420. Sharing the chart below, Roque pointed out a price range of $3,580 high and $2,000 low.
Ethereum breaks below $2,000, now breaching the above-mentioned range and starting to move to the next key support level at around $420. The largest altcoin by market cap fell below all moving averages, including the 50, 100, and 200-day lines, in May, reflecting the Terra crash. The above-mentioned bearish trend can be interpreted as a significant negative factor for any cryptocurrency.
According to Roque, Ethereum is oversold, so bears will be in the field for a while
Roque also adds that Ethereum is oversold on both weekly and daily charts and therefore cannot recover in the near future. So how bad is the result actually? In this regard, the analyst thinks that lower levels may be seen, although Ethereum states that it is basically “rising”. A supporting example of this is on the weekly chart, where traders have yet to challenge the 200-week average support.
Kriptokoin.com, according to Roque’s view, which shows a similar decline in the monthly chart, ETH has not yet reached the 50-month average and will act as an important support if the price falls below $420. While large forecasts appeal to a certain type of investor, Bitcoin’s volatility often makes long-term forecasts uncertain.
Ethereum’s price is problematic but investors can take advantage of it
Similar to John Roque, analyst Manisha Mishra expects a drop in Ethereum price. In his recent analysis, Mishra says that a recovery above $2,158 could push ETH price to $2,712, but a failure could result in $1,730.
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