Ethereum is also making headlines after more price predictions have popped up. Check out the latest reports about the price of ETH below.
ETH price predictions are out
A crypto strategist who nailed the end of the Bitcoin bull market in 2021 has just issued a warning saying that Ethereum holders, saying that ETH could witness significant downside risk.
Pseudonymous analyst Pentoshi said that bearish momentum could go to the next level for Ethereum if it trades below a key support level.
“Below the gray area COULD get ugly. I’ll talk a long down there with a tight stop. It’s a nice spot for some short to mid term invalidation for longs. If we start to close, below it’s an easy out and a paper cut.”
Looking at Pentoshi’s chart, he appears to be referring to support around $1,480. At time of writing, Ethereum is worth $1,576, according to the notes on CMC.
Fellow analyst Smart Contracter is also bearish on Ethereum. According to the crypto trader, Ethereum has taken out the diagonal support of a bearish continuation pattern.
“Bear flag structure breaking down on ETH.”
ETH price analysis
A widely followed crypto analyst says that Ethereum (ETH) still has much further to drop before it reaches its bear market bottom.
In a new video update, Nicholas Merten, the host of YouTube channel DataDash, said recently that if previous bear markets are any indication, ETH could drop over 90% from its all-time high, which would take it to just a few hundred dollars.
Ethereum currently sits at about 67% below its all-time high, meaning it has much more to go before it reaches the bottom, according to Merten.
“The long-term ETH to USD pair still has a long way to go. We are right only 67% down from the [highs], we only went about 82%, but if we are doing anything like the traditional bear market, it’s important to realize just how big of a difference 82% down from all-time highs is from, say, 90%.”