Ethereum View Non-AMP

Ethereum (ETH) Price Might Drop 80% In Coming Months. Here’s Why and How!

Written by: Nidhi Kolhapur

May 17, 2022

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.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Recent Posts

Celsius (CEL) Price Prediction 2022: Will It Cross The $15 Mark This Year?

Algorithms and cryptos have been commanding the blockchain industry. Meanwhile, the decentralized finance (DeFi) sector…

June 28, 2022

Unizen Announces $200 Million Capital Commitment Deal From Global Emerging Markets (GEM) 

Crypto exchange aggregator Unizen has today successfully acquired a $200 million capital commitment from Global…

June 27, 2022

Cardano (ADA) Price To Bottom 50% Or More If This Happens, Claims Crypto Expert

While Ethereum (ETH) competitor Cardano price maintains its multi-month decline, well respected crypto expert Benjamin…

June 27, 2022

This Is How Bitcoin Price Is Expected To End The June Month

Bitcoin is expected to resume its price history following closing the drop below the 200-weekly…

June 27, 2022

Did Celsius Network CEO Attempt To Flee? Here Is What You Need To Know

2022 will undoubtedly be remembered as one of the worst years for the crypto industry.…

June 27, 2022

Bear Market To Resume For Stocks, Bitcoin Price & Overall Crypto Market, Alerts Expert

According to widely respected crypto expert Justin Bennett, the stock and cryptocurrency markets, particularly Bitcoin…

June 27, 2022