Crypto Analyst Believes Ethereum Will Lose 80% Of Its Current Value.

According to John Roque, Ethereum’s slide below $2,000 sets it up for a huge drop.

According to a recent Bloomberg article, John Roque of 22V research believes that Ethereum might fall to $420, a loss of 80% from its present price, and here’s why.

The trader believes Ethereum, which is presently 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 the bottom.

With Ether falling below $2,000, it is no longer within the previously specified range and will begin to fall to the next significant chart support at around $420.

Because the second-largest cryptocurrency is rapidly losing value, it has fallen below all moving averages, including the 50-, 100-, and 200-day lines. The above-mentioned indicators’ downward movement is a significant bearish factor for any asset.

Ethereum is also oversold on both the weekly and daily charts, according to Roque, which is why it cannot rally in the foreseeable future.

While the analyst claims that Ethereum is basically “over,” important support levels for the second largest cryptocurrency on the market may still be seen. On the weekly chart, for example, traders have yet to test 200-week average support.

On the monthly chart, which is similarly bearish in Roque’s opinion, ETH has yet to touch the 50-month average, which will operate as a significant support if Ether drops to $420.

While big projections appeal to a specific sort of trader, the bitcoin market’s volatility can often make long-term predictions impossible.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News