• Analyst who predicted the bear market of 2018 believes Bitcoin and Ethereum prices are very close to their bottom. 
  • Kevin O’Leary of Shark Tank detailed his crypto holdings include Ethereum and scaling solution MATIC. 
  • Analysts argue that a drop below $1,070 could push Ethereum prices lower. 

UPDATE: Ethereum price predictions like the one made by crypto Twitter analyst Smart Contracter, claiming that Ethereum price is nearing its bottom, have become a high-risk exercise, as the cryptocurrency market continues its downtrend. Despite ETH bulls being able to defend the psychological $1,000 level on an eventful Wednesday, the Federal Reserve meeting outcome was not kind to risk-on assets like cryptos, and Ethereum price is again trending south on Thursday. The second-biggest cryptocurrency is down about 10% on the day at the time of this update (10.30 GMT), trading around the $1,100 mark. Hedge funds like Three Arrows Capital facing huge liquidations and potential insolvency have some bears licking their chops on more potential losses, so Ethereum bulls will really need to show up and finally buy some dips to avoid a fall below the crucial $1,000 level.

The cryptocurrency analyst known for accurately predicting crypto bear markets believes Ethereum is close to printing cycle lows. Analysts believe Ethereum price could continue to plummet lower. 

Ethereum price could hit bottom soon?

The crypto strategist Smart Contracter accurately called the bottom of Bitcoin and Ethereum during the 2018 bear market. The analyst is now back with his prediction for the two largest cryptocurrencies and believes BTC and ETH are close to their cycle low. 

The analyst told his 208,000 followers on Twitter that Ethereum has gone through a capitulation phase and is now trading at a level that offers strong support. 

Smart Contracter is quoted in his recent tweet:

BTC and ETH are both at their weekly respective 200-week moving averages. Bottom is very, very close in my opinion, maybe marginal new lows on lower timeframes but this is the spot to start accumulating in my opinion. This is pure unadulterated capitulation.

ETH-USD price chart

ETH-USD price chart 

Kevin O’Leary is bullish on Ethereum 

Kevin O’Leary, a Canadian entrepreneur and investor at Shark Tank, recently revealed the cryptocurrencies in his portfolio. O’Leary has shared his investment strategy when the crypto market is hit by massive volatility. The Shark Tank star and billionaire investor abide by the general rules of portfolio theory when allocating capital to cryptocurrencies. 

In an interview with the Bankless podcast, O’Leary shared the rules of capital allocation in his portfolio, implying a bullish outlook on Ethereum, one of the cryptocurrencies he holds. 

Ethereum price drop below $1,070 could push the altcoin to new low

Analysts have evaluated the Ethereum price trend and argue that $1,070 is major support for ETH, and a drop below this level could put a lot of pressure on bulls. The altcoin’s price could slide to support at $1,000 in the near term. 

ETH-USD price chart

ETH-USD price chart

Ethereum price could enter the three-digit territory

FXStreet analysts believe Ethereum price could decline and plummet lower, entering the three-digit territory. For more information, watch this video:

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP