Ethereum (ETH), the second-largest cryptocurrency by market value, has experienced a considerable drop following a recent decline in Bitcoin (BTC). The decline is attributed to widespread fears of overwhelming BTC sales in the market. A renowned analyst had previously predicted a potential bottom for Ether amid this downturn.
How Low Will Ethereum Go?
In his latest market update, popular crypto analyst Credible Crypto discussed the potential future of Ethereum. Before the recent drop, with prices hovering around $3,000, he had pointed to open interest as a key indicator of a possible decline. ETH has since fallen, but has it reached the predicted levels?
In his analysis, Credible Crypto observed that although open positions in futures had declined in USD terms due to the price drop, a significant drop in positioning had not yet occurred. He estimated that a new bottom might be set between $2,200 and $2,700, urging watchers to monitor open positions as ETH approaches these levels.
If this prediction holds, BTC could fall to $50,000, with Ether potentially bottoming below $2,700. This decline might coincide with a steady net outflow process, similar to GBTC sales, and is expected in the next week or two.
PEPE Coin Bottom Target
The analyst also addressed PEPE Coin, a prominent meme coin that recently achieved a new all-time high. Despite its strong investor base, Credible Crypto suggested that PEPE might have completed its deviation at the top of its range and is now targeting the lower levels. He predicted that PEPE could see a minimum downside target of 30%-40% lower and, in a more severe dip, losses could extend to 60%-70%.
The target for PEPE Coin is around $0.0000040.
Analytical Insights
• Monitor open positions in ETH futures as an indicator of further declines.
• Expect potential BTC price drop to $50,000, influencing ETH’s bottom.
• Watch for PEPE Coin’s price to reach around $0.0000040 with a possibility of 30%-70% decline.
In conclusion, the predictions from Credible Crypto suggest that both Ethereum and PEPE Coin may face further declines. Keeping a close eye on open interest and market movements will be crucial for investors navigating these turbulent times.