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May 22, 2024
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Ethereum Price Crash: Analyst Predict ETH Price Is On the Verge To Drop Below $1000 Level

The post Ethereum Price Crash: Analyst Predict ETH Price Is On the Verge To Drop Below $1000 Level appeared first on Coinpedia Fintech News

After closing the past two months with a bearish outlook, the Ethereum (ETH) market seems to be reversing toward last year’s lows. The top smart contract network and the second most valuable blockchain by market capitalization face more regulatory scrutiny in the United States after the SEC argued it could be a security. Regulating Ethereum as a security could complicate the industry since other global markets use a different approach that entails a commodity.

Ethereum Price Analysis

According to a pseudonymous and popular crypto analyst called CryptoCapo, the Ethereum market is on the cusp of major capitulation below the FTX levels. Precisely, the analyst pointed the targets for Ethereum price to between $550 and $650. Having experienced a significant resistance pressure around $2,041 after the Shanghai upgrade two months ago, the analyst highlighted that Ethereum needs to fall further to regain bullish sentiments.

The Ethereum (ETH) market holds the largest share in the smart contract industry which has attracted more institutional investors in the recent past. However, the regulatory uncertainty in the United States could push institutional liquidity aside in the crypto market that is already struggling with low traded volume and liquidity.

Nonetheless, the fact that other major global markets including Europe have adopted clear crypto policies is a clear testament that adoption is on the cusp of mainstream adoption. Moreover, Ethereum has been touted as deflationary since the introduction of the burning system and the staking program as a consensus mechanism.

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