- Crypto analyst says Ethereum stands the chance of dropping to $1,000. Furthermore, he provided reasons for this.
- Some of them are poor fundamentals and poor market recovery.
The Ethereum crypto is the second most valuable cryptocurrency in the market. However, the current market situation isn’t looking good for it. A crypto analyst named Ali shared some of his opinions on Twitter (now X), which is intriguing.
Crypto Analyst Says Ethereum Could Drop to $1,000
- Crypto trader and analyst Ali Martinez is the one who said that the price of Ethereum coins will drop to the $1,000 range. Since the market crash, the price of many cryptocurrencies experienced massive downturns. Apparently, this also applied to Ethereum, as the price dropped from within the $1800 range to around $1600.
- However, Ethereum’s price is making a slight recovery at intervals. At the time of writing, the price is currently in the $1661 range. But there are still substantial bearish trends with the cryptocurrency, as it fell by almost 1% in the past 24 hours.
- Furthermore, there’s more good news for Ethereum as top crypto analyst Ali made some predictions that may be against the second biggest cryptocurrency. He says the Ethereum price could come down to the $1,000 range. How is this possible? What are the reasons for making this prediction?
- Well, there are many reasons, but we will take them one at a time.
Charts Indicate a Downturn for Ethereum
- According to the charts shared by Ali, it was a screenshot of an ETH/USD chart from the Coinbase exchange with what looks like an Ascending Triangle pattern. Apparently, this chart can mean a good or bad thing for crypto.
- In this case, Ali says the had might be the case for Ethereum. Furthermore, this crypto analyst says should ETH slip under the $1,600-$1,550 level, it will create the perfect situation to go down to $1,000. But there are more reasons.
Crypto Analyst Says Ethereum Fundamentals Weak
- According to another tweet from this same crypto analyst, he says Ethereum fundamentals are currently weak. What does this mean?
- Apparently, Ali is saying weak and unhealthy fundamentals signal an incoming bearish trend for the Ethereum network. Notably, the average amount of monthly active Ethereum wallets dropped earlier than the yearly average. This represents a huge weakness for Ethereum. However, there’s another reason for a potential dip to $1,000.
Ethereum Is Trading Sideways — Says Popular Crypto Trader
- Ali concluded his Ethereum analysis by saying the crypto isn’t trying to recover. Apparently, trading sideways is the new norm for Ethereum. There’s no clear headway on coming out of the mess of August 18th.
- Furthermore, since losing 9.72%, dropping from $1,800 to the $1,625 low, Ethereum price continues to move around this range. This is a bad sign, according to Ali.
- Wrapping up, Ethereum is still the second most valuable cryptocurrency. But it is having issues at the moment. Many indications from the network show the light at the end of the tunnel might be far-fetched.
