Ethereum’s Next Stop Could Be $600, Predicts Analyst

Vinod Dsouza
ethereum eth
Source: Pexels

Ethereum has dipped 76% from its all-time high of $4,878 and is now hovering around the $1,150 mark. The world’s second-biggest crypto is on a downward streak for two weeks straight showing no signs of growth.

A recent report from CoinShares shows that Ethereum suffered $450 million in outflows causing it to slump in the indices. Also, top institutional investors are jumping ship and exiting the crypto market at a historical pace. The drying up of inflow funds is worrisome as the development could steer the market head downwards.

Crypto analyst ‘Altcoin Sherpa‘ has painted a not-so-rosy picture for Ethereum and predicted that ETH’s next leg could be $600. He took to Twitter saying ETH is receiving buying pressure at $1,150 but if the demand zone breaks, Ethereum could probably reach $600.

Source: Twitter / Altcoin Sherpa

“ETH: This area remains a high-demand zone area and if we fall out here, $600 is probably the next area up. #Ethereum $ETHUSD,” he predicted to his 180,000 followers on Twitter.

Also Read: Ethereum, Polkadot may face more down-time, warns Analyst

Also, users weren’t surprised to see his gloomy prediction for ETH as investors have already made up their minds that another crash is inevitable.

Several other analysts have predicted that Ethereum will shed nearly 70% of its current value and trade at $300. Veteran analyst and popular futures trader Peter Brandt accurately predicted this month that Ethereum will fall below $1,200. A week ago, Brandt took to Twitter predicting that Ethereum could crash to $300 in the coming weeks.

“The chart suggests a target of $300. Targets are not sacred – sometimes they are hit, sometimes not, sometimes exceeded. But for now, I would not buy ETH with my enemy’s money. ETH,” he tweeted.

Also Read: Bitcoin, Crypto & the Stock Market on the Verge of Collapse

Recession Could Hit Bitcoin & Ethereum Hard

Crypto billionaire Mike Novogratz recently issued a warning about an upcoming recession, leading to significant downtime for the crypto ecosystem. He said to the New York Magazine that the U.S. could be under recession through the end of 2023.

If that happens, Bitcoin and Ethereum could fall to new lows and drag the entire crypto market down along with it.

Also Read: PulseChain (PLS): What is PulseChain & Is it a Good Investment?

“My instinct is 18 months, maybe even a little shorter because I think the Fed is going to have to pause hiking rates by the fall, and I think that’ll get people comfortable to start building again,” he said.