Ethereum is on a slippery slope this week as it slipped 3% on Wednesday after the Feds announced an interest rate hike of 75 BPS. The stock markets reacted strongly and turned to the red as Dow Jones fell 505 points. The stock markets wiped out $860 billion in a day sending tremors to the crypto markets. Leading crypto analyst ‘il Capo‘ has given a doomsday prediction for Ethereum claiming that it could fall to $800 levels.
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Ethereum Price Prediction: ETH Could Fall To $800?
Analyst il Capo has predicted that Ethereum could crash to $800 if the crypto fails to consolidate around $1,700 levels. ETH hovered around the $1.7K level in August this year and it’s been more than three months since it breached $1.7K.
“ETH zoomed out $1700s is a very important resistance zone for Ethereum. $700-800 is likely if it can’t consolidate above that resistance zone,” predicted the analyst to his half-a-million followers on Twitter.
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He predicted that Ethereum could bottom out between $700 to $800 if it gets rejected and fails to consolidate at $1,700. “ETH. It got rejected from 1600-1650. Now it’s looking bullish on ltf, so expecting a last leg up to 1700, matching with BTC going to 21000-21500. 1700 is a key resistance. It should get rejected hard. Main target for a local bottom = $700-800,” he tweeted.
Ethereum rallied hard last month after spiking from $1,200 to $1,650 in a week. However, the second biggest crypto seems to be shedding its gains after the Feds’ recent interest rate hike. If the markets don’t hold strong, ETH could begin its downward streak.
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At press time, Ethereum was trading at $1,551 and is down 0.6% in the 24 hours day trade. ETH is also down 68.2% from its all-time high of $4,878, which it reached in November 2021.