Benjamin Cowen, a famous crypto technical analyst, made a nerve-racking prediction in the middle of August when he said that the worst-case scenario for ETH will be hitting the $400 mark by the end of the year if the merge wasn’t received well by the community and the market. It seems that the initial reaction of investors was to run away. ETH lost over 12% just six hours after the implementation of the merge.
While the dreaded $400 is still not even close to being in the middle of discussions, there is another prediction that starts gaining momentum in the community.
CryptoCapo says that ETH will hit $750
At one point in September, ETH was trading at $1,216. CryptoCapo, an anonymous analyst who has been quite good with predicting stuff, came out of the woodwork to make another grim prophecy saying that the next low is $750 which would be devastating to many portfolios and many leveraged market positions. The analyst argues that a distinct “Head and Shoulders” position is taking shape and will lead to a massive crash in the middle of October.
The predicted pattern should start taking shape during the next weekend with the price hitting $1,240 and falling through this support level to crash into $750 by October 15th. This would be a 57% drop which is the same as happened in June when the asset dropped from $1980 to $930 in roughly two weeks following the total crypto market crash that started this “winter”.
While technical analysis is not something that we should take without a solid grain of salt, there is worrying anxiety in the air and the spirit of uncertainty seem to be taking over the community.
Ethereum is not in its best shape
One thing is certain, we have been riding a hype train of the merge and hoped that it would bring new exciting developments, but the merge turned out to be a massively overblown event that brought nothing but panic, unpredictability, and turbulence to an already shaky cryptocurrency market. Hopefully, this doomsayer is wrong and the price will recover soon.