A prominent cryptocurrency analyst, known as Capo, has forecasted a significant decline in Ethereum (ETH), with projections suggesting a decrease exceeding 26% from current levels by the end of 2023. In communications via Telegram, Capo has alerted followers to potential market shifts.
What is Ethereum’s Current Position?
Capo noted that Ethereum has been trading within a range of $2,000 to $2,800 for the last two months, indicating a period of consolidation. He anticipates that the asset might experience a final downturn within the $1,800 to $2,000 range, which could subsequently be followed by a rebound.
How Will Altcoins React?
The analyst warned that a decline in Ethereum could trigger a broader drop among altcoins, potentially leading to a vigorous altcoin season thereafter. He expects altcoins to decrease by 20% to 40%, similar to the market’s behavior during the Covid crash.
- Ethereum may drop to $1,800 – $2,000.
- Altcoins could decline by 20% – 40%.
- Bitcoin remains volatile with a possible downward trend.
Capo also discussed Bitcoin (BTC), describing its recent rise above $60,000 as a “dead cat bounce,” suggesting a temporary spike before further declines follow. He emphasized that these movements in Ethereum and Bitcoin can significantly influence the broader cryptocurrency market.
Investors should remain cautious and strategic in their approaches as market volatility persists. By monitoring ongoing trends and making informed decisions, they can better navigate potential opportunities in the shifting landscape of cryptocurrency.