Ethereum’s price hasn’t lived up to the hype. Instead of soaring to new highs, it’s taken a nosedive, reaching levels unseen in five years. Experts predict even more bad news.
A Deep Dive into Ethereum’s Price Predictions
One crypto analyst, TradeNation, highlighted a critical point for Ethereum: $1,724. This is a make-or-break level. If Ethereum can break through and hold above this resistance, then the next targets are $1,840 and $1,926.
However, if it fails to break through $1,724, a further drop is likely. The first support level is $1,409. A more significant crash could see Ethereum plummet to $1,350 and even $1,265.
The Bear Market Bites Ethereum
The entire crypto market is bearish, but Ethereum’s situation is particularly grim due to its recent underperformance. This negative sentiment is only getting worse as the price continues to fall. There’s just not much buying interest.
On-Chain Data Points to Further Decline
The lack of interest is also reflected in on-chain data. Ethereum gas fees are at their lowest point in five years, and large Ethereum holders (“whales”) have been aggressively selling off their holdings—over 143,000 ETH in a single week! This all points to a continuing downturn.
