Ethereum View Non-AMP

Ethereum(ETH) Price Will Drop To $700 Level Following a Major Bull Trap

Written by: Nidhi Kolhapur

June 22, 2022

The price of Ethereum has recovered from its recent lows, outperforming the price of Bitcoin. The latest Ethereum price surge, according to an independent market analyst, will be a clear fakeout.

In a bear market, analysts estimate Ethereum’s price might fall to $750, an 85 percent decline from it’s all-time high.

Ethereum’s price has risen 30 percent in the last 48 hours and experts say ETH’s recovery has outperformed Bitcoin’s, with the altcoin regaining $1,100 in just two days.

After falling to a support level of $880 on June 19, Ethereum began a short-term uptrend and soared above $1,100, entering a short-term positive zone. The altcoin is currently seeing significant resistance at the $1,150 and $1,160 levels.

Justin Bennett, co-founder of Cryptocademy, agrees with this forecast of a fakeout. Fakeouts to one side of the pattern cause lengthy movements in the opposite way, according to Bennett. He sees $900 and $780 as Ethereum price support levels.

Wendy O, the host of the O show and a prominent crypto expert, predicts the price of Ethereum might fall to $750. Wendy told NextAdvisor that the present Ethereum price is close to the start of 2021.

Bitcoin and Ethereum prices might plummet by as much as 85% in bear markets. If this is correct, an 85 percent drop from Ethereum’s all-time high of $4,800 would result in a price of $750, which Wendy is keeping an eye on.

Liquity’s largest liquidation

The wallet with code 0x2291F52bddc937b5B840d15E551e1DA8C80c2B3c liquidated a 71,863.47 ETH collateral position on Liquity at $927.13 at 19:39 GMT on June 18, according to data from Dune Analytics, a crypto data intelligence company. This was Liquity’s largest single liquidation ever.

Liquity is a decentralised borrowing protocol that allows users to take out loans with no interest in exchange for Ethereum collateral. Loans are paid out in LUSD, a Liquity protocol-based USD-pegged stablecoin.

The figure below shows the hourly total value locked (TVL) change on Liquity over the last week, with June 18 representing the highest ETH liquidation.

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

Macro Strategist Lyn Alden Remains Long-Term Bullish on Bitcoin

The price of bitcoin fluctuates frequently and unpredictably. And because of this, it's possible that…

August 16, 2022

How VertoChain, Tezos, and Avalanche are Revolutionising Decentralised Finance Solutions

Centralisation has been the backbone of financial transactions since money and commodities became widely tradable…

August 15, 2022

Fancythattoken: A One-Stop-Shop For Your Daily Life Services

As the crypto landscape continues to evolve, one clear theme has emerged as a constant…

August 15, 2022

Shiba Inu To See Massive Rally Soon! Here’s What SHIB Holders Can Expect In Coming Week

Shiba Inu has hit the spotlight once again after experiencing a weekend increase of roughly…

August 15, 2022

Bitcoin (BTC) Price Might Enter Major Bearish Trend If This Scenario Playsout

The price of bitcoin (BTC) increased last week as inflation and growth worries were allayed…

August 15, 2022

Terraform labs founder Do Kwon’s First Interview After the Meteoric fall

The Terra network and its founder Do Kwon reached the pinnacle of the cryptocurrency market…

August 15, 2022