The price of ether (ETH) is falling more and more. Although many traders remain optimistic about a long-term rise in the price, several signals indicate the continuation of the downtrend in the short term. Here is the opinion of analysts regarding the upcoming trend in the Ethereum (ETH) market.
Towards an 85% drop for ETH?
According to recent analysis on the ether (ETH) market, the future of the second largest cryptocurrency looks bleak. Indeed, various signals indicate that the downtrend will continue over the next few weeks. The situation could gradually bring the price of ether to go down to 850 dollars, even 750 dollarsin some months.
Currently, Ether is trading at a very low price (around $1,300), compared to its value in July. For some analysts, ether (ETH) could see a slight rebound from its current price. Then, we could see a breakout of the neck line of the shoulder-head-shoulder structure (sign of a bearish reversal) of Ether.
There should be a concentration of buying demand and then a price crash. This could lead ETH to a value between $750 and $850. The cryptocurrency price could remain at this level for several months.
Downtrend predictions for ETH were also made by some TIME analysts. According to venture capitalist Kavita Gupta, all it takes is a larger market sell-off for ETH to drop to $500. Another analyst called Wendy O said ether could fall 85% from its historic price of $4,800. And in this case, it would cost around $750.
Despite signals pointing to further price declines, not all TIME analysts are bearish on the ETH market. Indeed, some believe that Ether could reach a value close to its previous peak before the end of 2022.
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