Ethereum (ETH) has increased 1.4% in the last 24 hours to $1,669 after wealthy trader KBM forecasted that the altcoin will plummet to approximately $1,400.
This estimate comes as ETH is down 7% in a week and 10% in the last 30 days, despite the fact that the largest altcoin is up 39.5% since the beginning of the year.
With the wider market (and global economy) still volatile and uncertain, it is very feasible that ETH may suffer further losses before achieving a substantial – and long-overdue – recovery.
However, its technical signs indicate that it is already close to bottoming out and that a rebound is imminent.
Ethereum Price Prediction:
Looking at ETH’s chart, it’s evident that the altcoin is losing steam, with its 30-day moving average (yellow) recently falling below its 200-day moving average (blue) in a ‘death cross.’
Such crosses can foreshadow additional losses and sales, and with ETH’s relative strength index (purple) unable to get much above 30, it is probable that the altcoin will fall a little lower in the coming days.
This pessimism is backed by ETH’s medium-term support level (green), which has slid to a lower level in the last week or so, following the altcoin’s $1,700 breach.
This suggests that the coin could fall more in the next days or weeks before eventually recovering.
Indeed, Ethereum scored a major coup earlier this month when PayPal announced the creation of its own Ethereum-based stablecoin, which might result in a large rise in traffic and usage in the near future.
As a result, ETH is predicted to return to $2,000 before the end of the year, with a new bull market driving it to $2,500, $3,000, and even higher.