Ethereum Price Prediction: Can $1,000 offer enough support to turn around ETH downtrend?
- 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 #bearmarket is close to peak fear now. And most of it revolves around the $stETH situation.
— CoinMarketCap (@CoinMarketCap) June 16, 2022
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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
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
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:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
