The crypto industry is still plummeting, the global crypto market capitalization has dropped 1.17 percent to $1.29 trillion. According to Coinmarketcap numbers, worldwide crypto volume fell 11.05 % to $87.18 billion. Ethereum (ETH) had been trading at $2,056.23, dropping 0.79 %.
Several investors Ethereum, the second most successful cryptocurrency by trading volume, have lost their crypto wallets, which contained 532,426 Ethereum worth $1.6 billion.
In the midst of the present crypto chaos, Ethereum is presently trading at over $2,000 per coin. It was priced roughly 30 cents since it was initially proposed for ‘presale’ in 2014.
According to a recent Analyst story, John Roque of 22V researcher predicts that Ethereum might fall to $420, a loss of 80% from its present price, and here are the reasons.
The analyst reckons Ethereum, currently trading at $2,000, is about to break through the support zone and will most likely fall below $420. Roque drew attention to a price range in which $3,580 is the top and $2,000 is now the ground.
Following ETH Price going below $2,000, it is no longer inside the previously specified range and will commence declining to the following significant graph breakdown at about $420. Because the second-largest cryptocurrency is quickly losing value, it has fallen below all moving averages, including the 50-, 100-, and 200-day lines. The previous section signals’ downward trend is a significant negative factor for any asset.
Ethereum is also oversold on both the weekly and daily charts, according to Roque, which is why it cannot rise in the foreseeable future.
Is it Really that big Problem?
While the expert claims that Ethereum is basically “gone,” important support levels for the second-largest cryptocurrency on the market may still be seen. On the weekly chart, for example, investors have still to challenge the 200-week average resistance.
On the monthly track, which is similarly bearish in Roque’s opinion, ETH has yet to touch the 50-month average, which will operate as significant support if Ether drops to $420.
While big projections appeal to a specific sort of trader, the bitcoin currency market volatility can often make long-term predictions impossible.