CNBC’s Mad Money host Jim Cramer argued that there could be a significant increase in the price of the leading altcoin Ethereum (ETH). The server is predicting a 40% rally, but the crypto community is cautious, especially after the Netflix forecast, due to its recent losses that caused it to drop 71%.
Jim Cramer expects 40% boom in Ethereum, but the community is worried
In his latest “Girl Talk Stocks” post, Mad Money host Jim Cramer will see a 35% boom in Ethereum in the future. He predicted growth and said he was “confident” about it. However, despite such an optimistic outlook on the cryptocurrency market, and Ethereum in particular, the community is hesitant to Cramer’s bull headlines.
The cryptocurrency community’s anxiety is based on Cramer’s posts just before Netflix stocks dropped 70%. In fact, some members of the Bitcoin community have called Cramer’s calls “Cramer’s curse.”
From Cramer The call is the last thing the altcoin market needs
According to Ethereum’s daily chart, the leading altcoin has been trying to recover and has been consolidating around local support for the past four days, suggesting that there is little purchasing power to push ETH higher. According to data provided by Santiment, there is a significant correlation with the S&P 500 index. The price of ETH witnessed a 3% increase after a 1.8% drop in the S&P 500 index statistics. As
Kriptokoin.com, on April 29, Santiment noted:
Ethereum with the help of a +1.8% day on SP500 rallied above $2,930 with tight correlation with equity markets.
As the chart above shows, the dominant buyers of ETH are whales. They responded to the rise by buying more ETH. The number of whale transactions exceeding $100,000 increased significantly during the day. Approximately 1,451 such transactions were recorded in a 4-hour period. Santiment states that the spike indicates that key stakeholders are noticing the price increase. Also, according to IntoTheBlock, 70% of ETH HODLers witnessed huge gains. At the same time, ETH’s ecosystem has seen an increase in the number of unique interactions.
Former BitMex CEO Arthur Hayes is raising a red flag, unlike Cramer, considering this relationship. Interestingly, the stock market looks poised for a major crash by 2022 as the Fed tightens monetary policy to combat inflation. According to analysts, this could have a bearish effect on the largest altcoin.
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