Ethereum

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/altcoin-crash-alert-ethereum-eth-price-heading-for-50-drop/">Altcoin Crash Alert ! Ethereum (ETH) Price Heading For 50% Drop</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
While Ethereum has been in a bear market for the past 30 days, there are chances that it will soon bottom out. One well-known crypto analyst has voiced concern over Ethereum’s (ETH) performance compared to Bitcoin’s (BTC), speculating that a major event could cause a large drop. 
What’s behind this bearish outlook, and what should altcoin investors be doing right now? Let’s dive in.&nbsp; 
<h2 id="expect-a-50-drop-if-this-happens-says-cowen" data-name="expect-a-50-drop-if-this-happens-says-cowen" class="wp-block-heading">Expect a 50% Drop, If This Happens. Says Cowen</h2> 
While the majority of altcoins are projected to plunge by 40-50% against Bitcoin, ETH is no exception. During an exclusive <a href="https://www.youtube.com/watch?v=7rDDYkLSdxY" rel="noopener noreferrer nofollow">interview </a>with Ran Neuner of Crypto Banter, Benjamin Cowen brought up the possibility of a drop of more than 50% in the ETH/BTC pair from its present value of 0.063 BTC (roughly $1,828). But why is this dark projection being made? 
This perspective came as he believes there is a bearish double-top pattern forming on the monthly chart for the ETH/BTC pair. To be noted, this pattern indicates that holders of Ethereum may be capitalizing on rallies to exchange their ETH holdings for BTC. 
For him this is not just a trend, Cowen said, it appears that the current phase in the ETH/BTC market is really a big distribution period, similar to the one we have seen in the previous cycle, in which there was an initial pump, followed by a sell-off, and then a distribution phase. We believe that the ETH/BTC pair is at a critical juncture, where a break to the negative is likely. 
<h2 id="historical-patterns-are-also-bleak-whats-the-catalyst" data-name="historical-patterns-are-also-bleak-whats-the-catalyst" class="wp-block-heading">Historical Patterns Are Also Bleak, What’s the Catalyst?</h2> 
He correlated his stance with historical patterns. His analysis suggests historical trends, that the ETH/BTC pair typically experiences declines during the months of June through December. While there will be a potential drop to as low as 0.03 BTC (equivalent to $871), reflecting a decrease of over 52% from its current value. 
His forecast also included the further possibility of a stock market retracement acting as the catalyst for this significant decline. Cowen recalled a similar scenario in late 2017, where the Ether/Bitcoin pair experienced a drop. 
However, it was a subsequent drop in 2018 that marked the end of a period of reckoning for various altcoins. However, based on this data, Cowen predicted that a similar trend may arise once again, this time possibly led by a seasonal decline in the S&amp;P 500. 
Having said that, those who have put a lot of money into altcoins will face a genuine and pressing problem if the predicted loss of 40-50% occurs before any rebound. 
In conclusion, Cowen’s analysis highlights the potential for a substantial decline in Ethereum’s value compared to Bitcoin, with a specific focus on the ETH/BTC pair. However, it’s important to note that the cryptocurrency market is highly volatile and subject to various factors that can influence price movements.

Altcoin Crash Alert ! Ethereum (ETH) Price Heading For 50% Drop

Table of Contents

CoinPedia News

Other articles published on Aug 6, 2023

Mantle Inu Crypto Price Prediction: Will MINU Rise In 2023?

Sec Case Over But Bull Run Missing? XRP Holders Wonder Where The Gains Are

Why is Ethereum’s Co-founder Buterin Concerned About Worldcoin?

TRX, MATIC falling, QUBE firm in bearish crypto market

Bitcoin Drags Crypto Market Lower But InQubeta Presale Sees $2 million QUBE Sold

Airdrop Hunter Wallet Targets Top Potential Airdrops

Join our free newsletter for daily crypto updates!