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.
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