The cryptocurrency industry has been going through a rough patch in recent weeks in the bearish charge led by its two largest assets by market capitalization – Bitcoin (BTC) and Ethereum (ETH) – and analysts are looking at how much the latter could further decline if the market continues to pull back.
Indeed, the mid-$1,500s area is the level of interest in the previous range that the cryptocurrency analyst Josh Rager sees for Ethereum if the crypto market continues its bearish trend, according to his tweet and chart observations shared on May 11.
As the expert added, this could well be the potential bottom for the second-largest digital asset by market cap unless the flagship decentralized finance (DeFi) asset leads the prices further down:
“Don’t think we see ETH getting much lower unless Bitcoin nukes back down to low $20ks.”
Ethereum price analysis
Meanwhile, Ethereum was at press time changing hands at the price of $1,755.17, down 3.62% on the day and losing 7.45% across the past week, as it records a drop of 6.27% on its monthly chart, as per the latest data retrieved on May 12.
Earlier, Ethereum breached an important demand wall at $1,850 – $1,905 but has failed to retain this critical support zone, which, according to crypto market analyst Ali Martinez, means that it could decline to the next significant demand area at $1,570 – $1,630.
At the same time, despite the bearish trend, the member community over at the crypto monitoring website CoinMarketCap is bullish on Ethereum, predicting it would trade at the price of $1,834.84 by the end of May, with over 90% historical accuracy, close to the predictions on which Finbold reported on May 11.
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Source: https://finbold.com/crypto-market-turmoil-heres-how-much-ethereum-could-drop/