A popular crypto strategist is warning that leading smart contract platform Ethereum (ETH) is likely now en route to print fresh bear market lows.
Crypto analyst Justin Bennett tells his 110,700 Twitter followers that leading smart contract platform Ethereum appears to be setting up for an even deeper plunge after losing nearly 15% of its value in the last 24 hours.
According to the analyst, he sees Ethereum mirroring its 2018 bear market price action where ETH lost about 94% of its value after nosediving from that year’s high of about $1,440 to a low of $86.
Says Bennett,
“Reminder: The ETH bottom is probably closer to $300 than $1,000.
The only thing that has changed is Ethereum being one step closer to its macro bottom.
Just my opinion, as always.
It would literally be a repeat of the last bear market, yet many claim it ‘can’t’ happen. Why not? Why would ETH retrace less this crypto bear market when it’s the FIRST bear market for crypto where the Fed isn’t printing? Think about it.”
Looking at the analyst’s chart, it appears that he’s calling for ETH to fall to as low as $357 by early 2023. A move toward that target suggests a downside potential of around 73% for Ethereum.
As for Bitcoin (BTC), Bennett highlights that the bottom is not yet in for the king crypto even after it recorded a new 2022 low of $17,579.
“Terrible look for BTC at the moment.
Same channel I’ve posted for months: $18,900 is key right now, as is $18,300.
Although I played the long side here and there, I’ve never wavered on the idea that the bottom is NOT in, and I stand by that.”
At time of writing, Bitcoin is changing hands for $18,605, down nearly 10% on the day.
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