This Analyst Believes Ethereum May Lose 80% Of Its Value

According to a recent Bloomberg article, John Roque of 22V research believes that Ethereum might fall to $420, a loss of 80% from its present price, and here’s why. Ethereum May Fall 80% The trader believes Ethereum, which is presently trading at $2,000, is about to break through the support zone and will most likely fall below $420. Roque drew attention to a price range in which $3,580 is the top and $2,000 is the bottom. With Ether falling below $2,000, it is no longer within the previously specified range and will begin to fall to the next significant chart support at around $420. Source: 22v Research Because the second-largest cryptocurrency is rapidly losing value, it has fallen below all moving averages, including the 50-, 100-, and 200-day lines. The above-mentioned indicators’ downward movement is a significant bearish factor for any asset. Ethereum is also oversold on both the weekly and daily charts, according to Roque, which is why it cannot rally in the foreseeable future. ETH/USD trades aroun $2k. Source: TradingView While the analyst claims that Ethereum is basically “over” key support levels for the second largest cryptocurrency on the market may still be seen. On the weekly chart, for example, traders have yet to test 200-week average support. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 ETH Exchange Supply Rising Santiment, an on-chain data provider, ...