• 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

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis