A cryptocurrency expert has shared her macro forecast for Ethereum (ETH), warning of an imminent price collapse that could see the second-largest cryptocurrency fall to as low as $800, or even $400 per coin. While this would represent a massive downward move given the current price of ETH, the analyst sees such a decline as significant for ETH. Market resetAs prices rediscover real demand and sustainable support.
The analyst says that the collapse of Ethereum is critical to resetting the market
Rafaela Rigo, cryptocurrency market analyst foot A compelling analysis of the Ethereum price on X that caught the attention of traders and investors alike. Rigo shared a chart analysis from 2024 in which she accurately predicted that the price of Ethereum would fall to $1,900 after the cryptocurrency formed a bullish top in the same cycle. The same analysis also predicted the price would fall to $800, a level the analyst identified as a “great buying opportunity.”
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Notably, Rigo has now updated his chart analysis for 2024 prediction What’s next for Ethereum in this cycle?. I boldly predicted that the price of ETH could fall to $800 during this period Persistent bear market. With the cryptocurrency currently trading above the $2,100 level, a drop to that level would represent a staggering loss of over 61%.
Taking a more bearish stance, Rigo stated that an extended price decline to $400 is still on the table for Ethereum, especially if the cryptocurrency is unable to contain its capacity. Downward momentum. If the price of ETH falls to this level, it will represent a historic low, pushing the second-largest cryptocurrency to levels not seen since 2019.
Rigo indicated in her analysis that she had previously described the 2024 cycle as a catabolic cycle, and she expects the current cycle to be the same. She added that although the $800 level would be a painful drop, it is necessary for a proper market reset.
The analyst emphasized that the cryptocurrency market is in dire need of this reset to get rid of the bad projects that are flowing into the space and growing daily. She also noted that many of these new cryptocurrency projects exist Pump and dump diagrams Which affected morale and caused a large number of Investors to exit the market.
Notably, Rigo described her forecast as a “macro price prediction,” explaining that it will take some time for everything to unfold as expected. In the meantime, she urges investors and traders to remain vigilant, monitor market movements carefully, and avoid emotional trading.
The analyst predicts an ugly collapse in ETH prices soon
Market expert Ted Pillows has it too subscriber New Ethereum price analysis, expressing caution about the cryptocurrency’s recent price movement and Bear flag formation. Pillows warns that this Bear Flag could have very serious consequences for the price of ETH.
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At the time of writing, the cryptocurrency is above $2,100 after weeks of Downward pressure and volatility. Despite this resilience, Bellows warned that if Ethereum fails to maintain a price above $2,100, “things could get ugly.” He predicted a possible price collapse towards $1,960, which would represent a significant decline of more than 6% from current levels.
Featured image of Pngtree, chart from Tradingview.com
