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Crypto analyst Klejdi has indicated that Ethereum’s pain is far from over, with the second-largest crypto by market cap set to suffer a further downtrend. Specifically, he warned that ETH could still drop to as low as $1,400 before it finds a bottom.
Ethereum May Still Drop To As Low As $1,400
In a TradingView post, Kledji stated that Ethereum may drop to $1,400, providing a bearish outlook for the altcoin, which has underperformed other top cryptocurrencies.
He further mentioned that Ethereum’s movement and the rest of the crypto market are closely tied to Bitcoin. As such, this ETH crash is likely to happen, seeing as the flagship crypto has dropped to $81,300 and is already showing signs of further decline.
Klejdi highlighted in his accompanying chart that ETH will likely consolidate near its current level before continuing to move lower. However, the chart showed that the move to this $1,400 target will likely happen this month.
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In the meantime, the analyst believes it would be wise to wait for Ethereum’s price to form another bearish pattern before entering a trade. He again reaffirmed that there is a strong possibility that ETH may extend its drop to $1,400.
Ethereum whales are already capitulating ahead of this projected price crash. Onchain analytics platform Lookonchain revealed an ETH OG that has sold off all its holdings. This investor bought 5,0001 ETH while trading at $277 in 2017 and didn’t sell when the altcoin hit its ATH during the last bull run. The whale started selling last month, possibly giving up on Ethereum making a comeback anytime soon.
ETH Will Still Reach New Highs
Crypto analyst Virtual Bacon is still confident that Ethereum will reach new highs. He noted that ETH is back at its key bear market breakout zone, retesting the $1,700 and $2,100 range. He predicts that the altcoin will continue to chop around this range in the short term. However, he remarked that Ethereum tends to catch up fast once the US Federal Reserve pivots and global liquidity turns.
FAQs
Q: What is the current price of Ethereum?
A: According to CoinMarketCap, the current price of Ethereum is around $1,821.
Q: What is the projected price of Ethereum?
A: According to Kledji, the projected price of Ethereum may drop to as low as $1,400 before it finds a bottom.
Q: What is the current market sentiment for Ethereum?
A: According to various analysts, the current market sentiment for Ethereum is bearish, with many predicting a further downtrend.
Q: What is the current price of Bitcoin?
A: According to CoinMarketCap, the current price of Bitcoin is around $81,300.
Q: What is the projected price of Bitcoin?
A: According to various analysts, the projected price of Bitcoin is likely to decline further, potentially reaching as low as $50,000.
Q: What is the current market sentiment for Bitcoin?
A: According to various analysts, the current market sentiment for Bitcoin is bearish, with many predicting a further decline.
Q: What is the current price of Ethereum against Bitcoin?
A: According to CoinMarketCap, the current price of Ethereum against Bitcoin is around 0.022 BTC/ETH.
Q: What is the projected price of Ethereum against Bitcoin?
A: According to various analysts, the projected price of Ethereum against Bitcoin is likely to decline further, potentially reaching as low as 0.015 BTC/ETH.
Q: What is the current market sentiment for Ethereum against Bitcoin?
A: According to various analysts, the current market sentiment for Ethereum against Bitcoin is bearish, with many predicting a further decline.
