A cryptocurrency expert has shared his macro forecast for Ethereum (ETH), warning of an imminent price crash that could see the second-largest cryptocurrency fall to as low as $800 or even $400 per coin. While this would represent a huge bearish move given ETH’s current price, the analyst says such a decline is critical for market resetwhere prices rediscover real demand and sustainable support.
Analyst says Ethereum crash is key to market reset
Rafaela Rigo, cryptocurrency market analyst presented a compelling analysis of Ethereum prices on X that attracted the attention of both traders and investors. Rigo shared a 2024 chart analysis in which she accurately predicted that Ethereum’s price would drop to $1,900 after the cryptocurrency peaked in the same cycle. The same analysis also projected the price to drop to $800, a level the analyst described as a “great buying opportunity.”
Notably, Rigo has now updated its chart analysis for 2024 for prediction purposes Ethereum’s next move this cycle. She boldly predicted that the ETH price could drop to $800 during the session continuing bear market. With the cryptocurrency currently trading above $2,100, a drop to that level would represent a staggering loss of more than 61%.
Taking an even more bearish stance, Rigo stated that an extended price drop to $400 is still possible for Ethereum, especially if the cryptocurrency is unable to contain its surge. bear rush. If ETH falls to this level, it would mark a historic low, pushing the second-largest cryptocurrency back to levels not seen since 2019.
Rigo noted in her analysis that she previously identified the 2024 cycle as catabolic and expects the current cycle to be the same. She added that while $800 would be a painful drop, it was necessary to properly reset the market.
The analyst emphasized that the cryptocurrency market desperately needs this reset to eliminate bad projects flooding the space and growing daily. She also noted that many of these modern crypto projects are so-called pumping and dumping patterns which influenced the mood and caused a significant number investors to leave the market.
It is worth noting that Rigo described her forecast as a “macro price forecast”, explaining that it will still take time for everything to turn out as expected. In the meantime, he urges investors and traders to remain vigilant, closely monitor market movements and avoid emotional trading.
The analyst predicts that ETH prices will soon drop sharply
Market expert Ted Pillows did this too common modern Ethereum price analysis expressing caution regarding the cryptocurrency’s recent price action and Bear Flag formation. Pillows warned that this bear flag could have very dire consequences for the ETH price.
As of this writing, the cryptocurrency remains above $2,100 after several weeks bear pressure and volatility. Despite this resilience, Pillows warned that if ETH fails to stay above $2,100, “things could get ugly.” He predicted a potential drop in prices to $1,960, which is a solemn decline of more than 6% from the current level.
Featured image from pngtree, chart from Tradingview.com
