Here’s Why Ethereum (ETH) Price Can Plunge More Ahead

Ethereum, the world’s second largest cryptocurrency has been trading under major selling pressure. ETH prices have dropped by 40% over the past 30 days. However, expert suggests that this drop may continue further.

July/August can be worst months

Daniel Cheung, Co founder of Pangea Fund Management in a Twitter thread mentioned a massive short opportunity for Ethereum at $1,200 in the next 2 months. He suggests that the market hasn’t yet seen the capitulation yet. It added that July and August are lined up to be the worst months ahead.The fund manager highlighted that currently, the market is in the Macro trade regime. The Bitcoin and Ethereum trends suggest that the crypto market has been trading very sensitively to inflation.

The recent selling pressure has led the Global crypto market cap to plunge by another 5% over the past day. It now stands at $902 billion. The digital asset market recorded its all time high (ATH) of $3 trillion in November 2021.

Ethereum price can drop by 40%

The world’s second largest crypto is still likely to be levered and liquid bet on Nasdaq and that too for the next 2 months. He believes that Nasdaq still has a lot of room to fail ahead. It is still down by 30% from the recent ATH with a prior drawdown. Cheung added that a further 20% downside is still in the frame for QQQ and 40% for Ethereum.

ETH prices are down by more than 9% in the last 24 hours. It’s trading at an average price of $1,111, at the press time. Its 24 hours trading volume is up by 7% to stand at $14.6 billion. However, it is still down by 77% from its all time high.

By Ashish Kumar

Critics by Lapin

Ethereum price analysis is bearish today as we have seen more downside reached over the last 24 hours with a steady downside momentum. Therefore, we expect ETH/USD to drop even lower and look to retrace even lower. The next obvious target is the $1,050 support, which, if broken, would lead to a lot more downside in July.  The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.81 percent, while Ethereum a more substantial 9.17 percent. The rest of the top altcoins have followed close by, with some declining even further.

Ethereum price movement in the last 24 hours: Ethereum breaks past $1,175

ETH/USD traded in a range of $1,111.20 to $1,229.74, indicating substantial volatility over the last 24 hours. Trading volume has increased by 5.36 percent, totaling $14.58 billion, while the total market cap trades around $135.5 billion, resulting in market dominance of 15.13 percent.

ETH/USD 4-hour chart: ETH targets $1,050 next?

On the 4-hour chart, we can see the Ethereum price still testing further lows with no signs of reversal just yet. Therefore, more downside should follow to the $1,050 previous local swing low. Ethereum price action has seen strong bullish signals over the second half of June. After the initial reaction from the last swing low at $1,050, ETH/USD retraced to $1,175, setting a strong lower high. However, further downside did not follow as the $1,050 offered strong support.

From the newly found local higher low, ETH rallied higher one more time last week. A new high was set at $1,275, indicating that the several-week bearish momentum could soon end. On Monday, bearish momentum took over as buyers became exhausted. After some , ETH/USD set a lower local high and broke past the $1,775 local support. Late yesterday the decline continued, pushing the Ethereum price as low as the $1,100 mark.

This means that bullish momentum could soon come back. However, as long as bearish candles are seen later today, we expect further downside at the $1,050 previous low to be reached soon. From there, much depends on how the market will react. If a break below this support follows, we could see a lot more downside and both lower lows and highs set in July. Alternatively, if the $1,050 mark holds, ETH could move into consolidation.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a lot more retrace from the previous swing high at $1,275 so far this week. Since no signs of reversal have followed today, we expect ETH/USD to move even further and target the previous local low. In case it is broken, ETH should see a lot more downside early in July.

Related news:

A Crypto Bankruptsy Could be Investors Nightmare

Source: https://vigourtimes.com

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Bitcoin Brice Trades Around $21,000 As Crypto Firms Announce Layoffs

Cryptocurrencies have been sinking along with other higher-risk assets as the Federal Reserve steadily reverses the aggressive monetary policies it adopted earlier in the coronavirus pandemic. Lately, its efforts to raise interest rates to combat surging inflation have further dented investors‘ risk appetite. The market value of the entire crypto sector has fallen to less than $1 trillion from about $3 trillion in November, according to CoinMarketCap. Those falls reflect a significant drop in trading activity and momentum, and until that turns around, industry players like Coinbase are likely to remain under pressure, said KBW Managing Director Kyle Voigt.

Coinbase Chief Executive Brian Armstrong said the company had grown too quickly, expanding from about 1,250 employees at the start of last year to around 5,000 currently. “We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets,” he wrote in a note to staff. “While we tried our best to get this just right, in this case it is now clear to me that we over-hired.”

Ticker Security Last Change Change %
COIN COINBASE GLOBAL INC. 51.58 -0.43 -0.83%

The price of ether, the in-house currency of the Ethereum network, fell 4.5% to $1,187.30, its lowest close since Jan. 21, 2021. Over the weekend, the price fell below $1,360, the early 2019 high from the previous cycle. Other cryptocurrencies were mixed. Cardano fell 1.9%, but Solana was up 1.3% and Stellar was up 0.5%.

Source: Bitcoin price trades around $21,000 as crypto firms announce layoffs | Fox Business

BlockFi, a platform for trading and lending cryptocurrency, announced via a blog post on Monday that it’s laying off 20 percent of its 850 employees — around 170 to 200 people. CEO Zac Prince said in a Twitter thread that the layoffs can be traced to a “dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable.

It’s not the only crypto company letting workers go. On Friday, Crypto.com (the company with the Super Bowl ad featuring LeBron James) announced that it’s laying off around 260 workers, or around 5 percent of its workforce, according to a Twitter thread from its CEO, Kris Marszalek.

The layoffs come as the crypto market is struggling as a whole. The value of Bitcoin and Ethereum have been falling throughout Monday morning, and Celsius, a lending platform, has halted withdrawals, citing “extreme market conditions.” (BlockFi has specifically said that it has “no exposure to Celsius” on Twitter.) Binance, a large crypto exchange, paused Bitcoin withdrawals for about three hours, citing a technical issue, and within the past few months, we’ve seen coins like Terra essentially go to zero.

Crypto firms have struggled to weather the storm. Coinbase announced that it was slowing hiring in May and reportedly rescinded over 300 job offers the next month; several other companies, like Gemini, Mercado Bitcoin, and Bitso have also had to lay off at least 10 percent of their workers within the past month.

BlockFi says in its post that the layoffs come after a period of explosive growth. The company says it had “about 150 employees” at the end of 2020 and has since grown to a headcount of “over 850.” After the layoffs, however, the company will be down to around 600 employees.

Similarly, Crypto.com was riding high just a few short months ago. In November 2021, it reportedly paid $700 million to plaster its name onto a sports arena in Los Angeles, which was formerly known as the Staples Center. “In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Marszalek told the Los Angeles Times when the naming deal, which is supposed to last for 20 years, was announced.

It’s easy to see why crypto companies have been hiring; the space has exploded during the pandemic with prices for major coins rocketing up, NFTs exploding onto the scene, and celebrities and companies alike hyping the blockchain. But, as 2022 has worn on and interest rates have gone up, the growth has started to reverse; trillions of dollars in value have been wiped out from the crypto market, NFT sales have slumped, and companies, including BlockFi, have run into trouble with regulators as governments try to figure out how to handle crypto. Not everyone who bought the boom has made it, and many in the space are predicting a “crypto winter.

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JPMorgan Says Bitcoin Is Undervalued By 28%, Says Cryptocurrencies Are Now A ‘Preferred Alternative Asset’

Bitcoin price action might not reflect it, but the leading cryptocurrency by market cap could be massively undervalued, according to a variety of fundamental metrics that focus on coin issuance. Any asset – be it stock, currency, commodity, or otherwise – goes through boom and bust cycles; bull and bear markets. These cycles are more rapid and take place more frequently in crypto than they do in traditional market counterparts.

The reason is both due to the always-on 24/7, global crypto market and the speculative nature of Bitcoin, Ethereum, and other top coins. Even with adoption taking place, they’re still far from achieving their potential.When speculative assets reach a peak of a bull cycle, they are typically far more overvalued than they should be, which causes such an extreme correction back down toward the “mean.” During bear cycles, speculative assets tend to overcorrect as things appear worse off than they actually are.

These tools are widely known, but when combined paint a clear picture that backs up any chance that the top coin by market cap is actually undervalued at $40,000 per BTC.

Despite the crypto slump, banking giant JPMorgan says bitcoin is massively undervalued. Maintaining its estimate of bitcoin’s fair value at $38,000, the bank today reiterated the assessment it gave the asset in February when the cryptocurrency was trading around $43,400. This price is approximately 28% higher than its current level of $29,757.

In a note to clients issued Wednesday, the bank has also stated that it is replacing real estate with digital, or crypto, assets as its preferred alternative asset class along with hedge funds, citing “potential lagged repricing” in private equity, private debt and real estate. Alternative assets typically refer to ​​investments that aren’t stocks, bonds or cash.

The appraisal is a nod of confidence to bitcoin, which is currently trading at less than half its all-time high of $68,721, and the broader category in general. In addition to rising interest rates and the fallout from the war in Ukraine, the cryptocurrency market is grappling with the $50 billion collapse of algorithmic stablecoin TerraUSD and its sister token LUNA. The total market capitalization of cryptocurrencies currently sits at $1.3 trillion, a dramatic decline from $3 trillion in November.

“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,” the bank’s strategists, led by Nikolaos Panigirtzoglou, noted in the report.

The strategists also believe that “the trajectory for VC funding would be crucial in helping the crypto market to avoid the long winter of 2018/2019”, which followed the initial coin offerings boom. Just today, Ethereum scaling startup Starkware raised $100 million at an $8 billion valuation and venture giant Andreessen Horowitz announced a $1.5 billion allotment for crypto investments as part of its larger $4.5 billion fund.

“Thus far there is little evidence of VC funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, almost $4 billion came after Terra,” the strategists noted. “Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted.”

I report on cryptocurrencies and other applications of blockchain technology. I also edit the weekly Forbes Crypto Confidential newsletter and contribute to our premium research service

Source: JPMorgan Says Bitcoin Is Undervalued By 28%, Says Cryptocurrencies Are Now A ‘Preferred Alternative Asset’

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Massive 2022 ‘All-Time High’ Bitcoin Price Prediction Comes With A Serious Ethereum, BNB, XRP, Solana, Cardano, Luna And Avalanche Warning

Bitcoin and cryptocurrency prices have struggled this year, with the Federal Reserve’s plan to raise rates and potentially trim its balance sheet spooking investors.

The bitcoin price has lost around 40% of its value since hitting an all-time high of nearly $70,000 per bitcoin in November. Smaller cryptocurrencies, including ethereum, BNB BNB -0.9%, XRP XRP -2.7%, solana, cardano, luna and avalanche, have also fallen back—though some are on track to break records in 2022.

Now, a panel of cryptocurrency experts has predicted the bitcoin price will peak at almost $82,000 in 2022 before dropping to just above $65,000 by the end of the year—but warned a more advanced blockchain such as ethereum, BNB, XRP, solana, cardano, luna or avalanche could eventually eclipse bitcoin.

“There’s still plenty of uncertainty about the short-term bitcoin outlook,” Asher Tan, the chief executive of Australia-based crypto exchange CoinJar and panel member said in a statement. Tan has a more conservative outlook on the bitcoin price than the panel average.

“Given the macroeconomic headwinds, it would not surprise me to see bitcoin spend the whole year bouncing around between $30,000 to $60,000—the sort of conditions that are terrible for traders, but rewarding for accumulators with a multi-year timeframe.”

The panel, made up of 35 people from the world of crypto and put together by financial comparison website Finder, has returned a lower average bitcoin price prediction for the end of 2022 than it did in January—at the time predicting the bitcoin price would end December at just over $76,000.

The longer-term panel average has also dipped with bitcoin now forecast to be worth just over $420,000 by the end of 2030, down around 25% from an October forecast of $567,000.

However, some panel members have become more bullish since then. Martin Fröhler, the chief executive of ethereum-based trading platform Morpher gave one of the most bullish end-of-2022 predictions, pointing to “political uncertainty, inflation, and an ever increasing desire to own non-government controlled assets” as likely to push the bitcoin price to a new all-time high.

The continued success of ethereum and recent rallies for other top ten cryptocurrencies such as BNB, XRP, solana, cardano, luna and avalanche may have weighed on the panel’s outlook, with 50% predicting bitcoin will eventually be displaced as the most valuable cryptocurrency.

“Bitcoin is a one trick pony,” said Thomson Reuters technologist and futurist Joseph Raczynski who thinks ethereum has “far grander” potential than bitcoin as “a massive platform of the internet of value.”

“For now, bitcoin really only serves as another currency, akin to a dollar, euro, or pound. Other blockchains that serve a multitude of purposes will likely have a chance to take the throne.”

Others are even more downbeat about bitcoin’s prospects. John Hawkins, a senior lecturer at the University of Canberra, returned one of the bleakest bitcoin price predictions, forecasting bitcoin will be worth just $5,000 by the end of 2025 and dropping to a mere $100 per bitcoin by 2030 as it loses out to ethereum and state-backed alternatives.

“As well as private crypto being replaced by central bank digital currencies, and a general collapse of the speculative bubble, I think bitcoin will lose out to ethereum which has a stronger use case, especially if ethereum ever converts to proof-of-stake and so becomes more environmentally responsible.”

Ethereum’s long-awaited transition to the less energy-demanding proof-of-stake consensus mechanism, abandoning the proof-of-work system pioneered by bitcoin, was expected to happen over the next couple of months but has recently been delayed until the end of this year.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Massive 2022 ‘All-Time High’ Bitcoin Price Prediction Comes With A Serious Ethereum, BNB, XRP, Solana, Cardano, Luna And Avalanche Warning

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