It looks like nearly all the big altcoins got slammed hard lately and Ethereum took quite the plunge right along with them crashing to a fourteen month low.
The Red Days Aren’t Over? 🕸️
Analysts are now cautioning that another slide could be coming with some even whispering about a crash all the way down toward a multi year floor near $1,000. The endless bear market isn’t the sole force weighing on ETH either. After hearing that Hsiao Wei Wang stepped down from her role at the Ethereum Foundation the group went on to trim its team by twenty percent.
Following all these gloomy updates ETH slipped just above $1,500 and its market cap dipped below $183 billion for a brief moment letting Tether’s USDT steal the number two spot. Ethereum has since clawed its way back though the lead stays razor thin.
According to Ali Martinez the coin has been stuck inside a key volume block between $1,584 and $1,683 where nearly four million coins changed hands. He noted that holding this zone as support could unlock bigger supply clusters at $1,980 and $2,079.
Yet he also warned that losing this floor which happened just hours ago might send prices tumbling toward $1,237 or even $1,089.
X user Ryker sees a drop to $1,260 first before any push above $3K and Merlijn The Trader spotlighted that forecast noting Ryker is the only trader followed by Changpeng Zhao on X.
Previous Predictions 🌑
Earlier this month X user Ted suggested ETH might hit its cycle bottom before Bitcoin. He figured most downside liquidity had already been cleared projecting a fall into the $1,300 to $1,400 range. Niels sees a slide to $1,200 sometime this year. Recent whale moves only add fuel to the bearish view.
One big player just opened a $68 million short on ETH with 23x leverage while four OG wallets have begun dumping bags.
Whales always draw eyes because their moves can hint at coming events that might sway prices so retail folks watch close ready to follow if panic spreads. 🖤
Just another echo from the void by iconofsin.eth 💖
