Bitcoin is the path builder for Ethereum and other major altcoins as most of the cryptocurrencies follow the path of Bitcoin price. Ethereum, the second largest cryptocurrency. After Ethereum hit a high of $1,673 on Jan 21, the lead altcoin started its downward journey and has been struggling for a major push since then.
However, the bulls are quite active near $1550 as the currency is holding strongly above this level. At present, Ethereum is changing hands at $1,578 after a pullback of 1.59% over the last 24hrs, but has gained nearly 4% in the last seven days. The immediate resistance for Ethereum is positioned at $1585 and support is at $1,570.
However, one of the popular crypto analysts and traders, Benjamin Cowen, is not so happy with the current price action of Ethereum. The analyst tries to inform his 783,000 subscribers at Youtube that Ethereum will most likely be pulled back towards the $600-$800 area. If that happens, Ethereum will face a downfall of nearly 60% from its current trade price.
Ethereum Price At $600
As per the analyst, Ethereum will not witness any bull market until ETH drops near the $600-$800 area which he calls as home base. Furthermore the analyst quotes that
“Despite that, I still do think it is more likely than not that eventually it’s going to go into this lower regression band. Whether that means we go to it or it comes to us of course is up for interpretation. I think it’s more likely going to eventually break to the downside.”
Meanwhile, it is important to note that Ethereum’s Shanghai upgrade which is scheduled to be completed by March 2023 is set to have a huge impact on the network. Through this upgradation which is also known as Ethereum Improvement Proposal (EIP) 4895, users will be allowed to withdraw their staked ETH. If the upgradation is successful, the market experts believe that Ethereum price might hit its next bull run.
Source: https://coinpedia.org/ethereum/massive-ethereum-price-correction-ahead-here-is-the-target/