Crypto Strategist Issues Ethereum Warning, Says Nearly 70% Collapse Is His Base-Case Outlook for ETH

A crypto strategist points a dire warning for Ethereum, believing ETH is about to witness large downward value motion.

Analyst Justin Bennett tells his 111,100 followers on social media platform X that Ethereum is as soon as once more testing the diagonal assist of an ascending channel sample.

A rising channel means that an asset is making increased highs and better lows, however might collapse if the worth falls by way of the decrease assist.

Says Bennett,

“To say this is a vital second for ETH is an enormous understatement.

In all probability a rebound right here, however I nonetheless suppose we’ll ultimately see a lot decrease for Ethereum.”

Trying on the dealer’s chart, he appears to take action to predict that Ethereum will fall beneath the channel’s assist and fall all the way in which to the long-term trendline.

“A doable swap to ETH $700 was my base case final 12 months. We’ll see.”

A transfer to $700 signifies a decline of greater than 69% for ETH from present costs. On the time of writing, ETH is buying and selling for $2,278,

The dealer additionally notes {that a} looming Fed price reduce this month, which many market individuals see as a catalyst for brand new rallies, is unlikely to translate into sustainable positive aspects.

“The markets are future-oriented. Why ought to they await rate of interest cuts to get well? Any rally in dangerous belongings after price cuts is probably going a lure.”

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