Crypto strategist Justin Bennett is predicting a major drop for Ethereum, potentially as much as 70% from current prices.
Bennett, who has over 100,000 followers on social media, says Ethereum is currently testing a key support level. If it breaks through, he believes it could fall all the way down to a long-term trendline, which would put ETH at around $700.
“This is a big moment for Ethereum,” Bennett says. “I think we’ll see a bounce here, but ultimately, I expect Ethereum to go much lower.”
Bennett’s prediction is based on a technical analysis of Ethereum’s price chart. He sees a pattern that suggests a potential breakdown, and he’s not convinced that the upcoming Fed rate cut will be enough to boost the market.
“Markets are forward-looking,” Bennett says. “Why would they wait for rate cuts to rally? Any rally after rate cuts is likely a trap.”
While Bennett’s prediction is bearish, it’s important to remember that this is just one analyst’s opinion. The crypto market is volatile, and prices can move quickly in either direction.
It’s always a good idea to do your own research and consult with a financial advisor before making any investment decisions.
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