Two cryptocurrency analysts gave their comments for the flagship altcoin Ethereum (ETH). However, it should be noted that the evaluations of analysts are not very encouraging. Here are the details…
Benjamin Cowen shared an interesting Ethereum chart
CryptoQuant analyst Benjamin Cowen pointed to an upcoming move that will “take back home” Ethereum. He shared an interesting Ethereum chart with some technical analysis on it. By “home”, Cowen marks a level that Ethereum reaches during each correction. ETH usually bounces back successfully after this level. With the current bearish trend in the market, Cowen was expecting a drop to the accumulation range around $500.
I think #ETH is heading home my friends pic.twitter.com/WLaiPuo244
— Benjamin Cowen (@intocryptoverse) August 27, 2022
Such a drop is very important for Ethereum. However, it is also worth noting that ETH has suffered a 90 percent loss before. Traditionally, significant declines in accumulation ranges like this attract more institutional investors, fueling the market recovery rally. As expected, the community is vaguely reacting to the same investors being content with the possibility of raising more money at a lower price. However, another part of the community assumed that such a massive drop would pose serious problems for the future of the cryptocurrency.
T3 Trading Group analyst: ETH could drop below $1,000
Scott Redler of T3 Trading Group believes Ethereum could be on its way to drop below the $1,000 level. According to Redler, such a bearish scenario will happen if the S&P 500 index retests June’s lows. On August 14, the price of the second largest cryptocurrency reached $2,031 on the Binance exchange. The upward movement has been attributed to the growing excitement surrounding the upcoming Merge upgrade. However, Ethereum’s impressive rally has been extinguished.
Some asked me to post the chart of $eth from todays strategy session @Satoshisview @TrendSpider @Jake__Wujastyk $eth usually dictates the direction of #crytpo with $btc https://t.co/y13Ne9eeOe pic.twitter.com/FWnIPVF9Oh
— Scott Redler (@RedDogT3) August 27, 2022
Redler claims that the second largest cryptocurrency entered a bearish trend after breaking the ascending channel around $1,815. Redler tweeted that Ethereum price could reach $2,100 in early August. Earlier in June, he correctly predicted that the price of the second-largest cryptocurrency would drop below the $1,400 level.
What’s going on in Ethereum now?
After the release of the Merge date, Ethereum investors have seen an improvement in the sentiment around the coin and the market in general. But as time went on, macro conditions and events in the industry caused the trend to reverse. As we have reported as Kriptokoin.com, in the last two weeks, ETH has fallen below the local uptrend. It has lost about 25 percent of its value. The second largest cryptocurrency in the market entered a long downtrend after seeing $4,850. In other words, the general situation in the graph has not changed since the beginning of 2022. Currently, Ethereum is trading below $1,500.
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