Ethereum continues to decline, reaching its lowest point in 16 months. Analysts assess its future prospects.
Current Crypto Market Conditions
After the recent peak, crypto markets have lost more than 12% in capitalization, equating to around $400 billion. Ethereum has been one of the biggest losers, dropping to $2,035, marking the lowest point in 16 months.
Analyst Predictions on Ethereum
Analyst 'Nebraskangooner' predicts a drop in Ethereum's price to $1,200 based on chart analysis. Dana Marlane also noted the confirmation of a 'double-top' pattern, suggesting that the downturn could be even more significant. Some other analysts hold the view that Ethereum is in one of the worst technical scenarios in the market.
Factors Influencing the Drop
The decline in the crypto market occurs amid global economic uncertainties and increased risk in trade, leading investors to seek less risky assets. The ongoing decoupling of Bitcoin from gold also adversely affects the situation.
Ethereum continues to face pressure amid a general decline in the crypto market. Analysts warn of potential further price declines amidst global economic instability.
