Bitcoin has fallen about 50% from its all-time high of $126,000 in October, but most altcoins have also fallen, failing to hit new all-time highs.
As the altcoin situation worsens, a new bearish prediction has emerged for the largest altcoin, Ethereum ($ETH).
According to one analyst, without new catalysts, $ETH It could drop to $1,500.
Bitwise analyst Max Shannon warned DL News that Ethereum could fall by as much as 22% to $1,500.
Shannon pointed out that $ETH has experienced six consecutive months of decline and is about to enter its worst period on record.
Without a clear macroeconomic or Ethereum-specific catalyst, he predicted: $ETH Until it regains investor confidence and upward momentum, it could fall to $1,500.
“Ethereum’s downside risk will remain below $1,500 until macro or individual catalysts reinvigorate momentum and market sentiment.”
Shannon also pointed to Bitcoin as a factor in Ethereum’s poor performance, saying: $ETH It moved in parallel with BTC, but experienced a bigger decline. Shannon said that when Bitcoin falls by 10%, Ethereum typically falls further.
Shannon also said that the market is currently ignoring the good news and focusing entirely on the price chart, with Bitcoin leading the decline.
“The passage of the Clarity Act, where DAT companies and ETFs will buy more than 100% of new supply, has reignited interest,” the analyst said. $ETH We’re even closer to all-time highs. ”
*This is not investment advice.
