Ethereum’s future looks shaky, according to some analysts. One analyst, Klejdi, predicts a significant drop.
A Potential Crash to $1400?
Klejdi believes Ethereum (ETH) could fall as low as $1400. He points to a recent 12% drop in just three days after breaking a price pattern. He also highlights the close relationship between Ethereum’s price and Bitcoin’s – with Bitcoin showing weakness, Ethereum is likely to follow suit. Klejdi’s chart suggests a period of consolidation before the price continues its downward trend to $1400, possibly within this month. He advises waiting for a clear bearish pattern before making any trades.
Whale Activity Adds to Concerns
Adding fuel to the fire, on-chain data reveals that some large Ethereum holders (whales) are selling off their ETH. One investor who bought 5001 ETH in 2017 at $277, and held through the last bull run, has recently begun selling, suggesting a lack of confidence in Ethereum’s short-term prospects.
A More Optimistic Outlook
However, not everyone is bearish on Ethereum. Analyst Virtual Bacon remains optimistic, noting that ETH is retesting key support levels around $1700 and $2100. While expecting short-term price fluctuations in this range, he believes Ethereum will surge once the Federal Reserve changes its monetary policy and global liquidity improves.
Another analyst, Crypto Patel, is even more bullish, predicting a major price increase for Ethereum between Q2 and Q4 of this year. He suggests this could be a peak buying opportunity, recommending accumulation between $1900 and $1300, with a target price of $7000 to $10000.
Current Price and Conclusion
At the time of writing, Ethereum is trading around $1850. While the predictions vary widely, the potential for significant price swings in both directions highlights the volatility of the cryptocurrency market.
