Cryptocurrency analyst Klejdi has recently shared his insights on the current state of Ethereum, indicating that the pain for the second-largest cryptocurrency by market cap is far from over. According to Klejdi, Ethereum could potentially drop to as low as $1,400 before finding a bottom.
In a detailed TradingView post, Klejdi highlighted that Ethereum has been underperforming compared to other top cryptocurrencies, losing nearly 12% of its value within just three days after breaking out of its recent pattern. The analyst emphasized that Ethereum’s movement is closely tied to Bitcoin, which has also shown signs of further decline.
Klejdi’s chart suggested that Ethereum may consolidate near its current level before continuing to move lower, with the projected drop to $1,400 likely to occur within this month. The analyst advised caution and recommended waiting for Ethereum’s price to form another bearish pattern before considering entering a trade.
Meanwhile, Ethereum whales have already started capitulating ahead of the anticipated price crash. An ETH OG who purchased 5,001 ETH at $277 in 2017 has recently sold off all their holdings, indicating a lack of confidence in Ethereum’s potential for a comeback in the near future.
Despite the bearish outlook from Klejdi, other analysts like Virtual Bacon remain optimistic about Ethereum’s long-term prospects. Virtual Bacon highlighted that Ethereum is currently retesting key support levels and predicted that the altcoin will continue to consolidate in the short term. He suggested that Ethereum tends to rebound quickly once global liquidity turns positive.
Crypto analyst Crypto Patel echoed this sentiment, stating that Ethereum’s biggest run is yet to come. He advised market participants to accumulate Ethereum between $1,900 and $1,300 with a target price range of $7,000 to $10,000 in mind. Crypto Patel emphasized that the second and third quarters of this year could be a pivotal period for Ethereum, potentially leading to significant price gains.
At the time of writing, Ethereum is trading at around $1,850, showing some positive movement in the last 24 hours. The cryptocurrency market remains volatile, and investors should carefully consider their strategies and risk tolerance when trading Ethereum or any other digital assets.
Overall, while short-term price fluctuations are to be expected, many analysts remain bullish on Ethereum’s long-term potential, emphasizing the importance of strategic planning and risk management in navigating the crypto market.
(Note: This article is a rewritten version of the original content with a focus on Ethereum’s current market analysis and potential future trends.)