Ethereum Is Done? Analyst Says Massive Crash Imminent

Ethereum has managed to hold just under the $3,000 price after it failed to stay above, but has not fallen to the $2,700 – $2,800. However, the price may be facing an imminent crash to lower levels as market uncertainty lingers.

Without mentioning any specific reason, an analyst known as Ash Crypto said the coin is done for the cycle and warned investors to prepare for a crash in the price. This opinion is coming after several days of the asset staying under $3,000, unable to reclaim the crucial price level which has played a key role in Ethereum’s price action.

How Low can Ethereum Crash?

The crypto market has slowed down significantly, causing asset prices to either stagnate or drop lower. For Ethereum, it has been a narrow trading range with $3,000 at the top and the bottom around $2,700 at the crucial support. While the coin has not broken out of this range either upward or downward, it is expected that the range will break at some point, and this analyst thinks this may be the time.

Other analysts had earlier predicted that the coin had the risk of crashing to $2,000 if it lost critical price support at 200 Moving Average (MA). This was due to the weakening momentum of the coin, which led to an increasing likelihood of a crash much lower than has ever been seen.

Another analyst had also pointed out an impending monthly Moving Average Convergence Divergence (MACD) bearish cross. According to the analyst, Ethereum crashed 58% the last time such a cross happened, and a similar scenario could play out this time resulting in the crash.

Ironically, the fundamentals of Ethereum have been strong up to this time. The number of active addresses for example has nearly doubled in one week, indicating that the network is getting more activity than it used to. This should ideally lead to a positive price effect eventually, but the current price action contradicts it. 

Ethereum Trend Common in Crypto

While it may seem like Ethereum is an isolated case with a potential to crash, the trend is probably more common in crypto than is currently seen. Bitcoin has also manifested a similar weakness, making the whole market vulnerable.

As a result, altcoins have also fallen to a new all-time low in its Relative Strength Index (RSI). According to analysts, this shows that altcoins have hit rock bottom, but it could also mark the end of the bearish trend for altcoins, which could also save Ethereum.

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