Crypto analyst predicts: Ethereum price will fall below $3000

Even more than Bitcoin, the Ethereum price is currently under pressure. Over the past week, Ethereum has fallen by 7.8 percent and is trading at $3,319. According to the analysts at BeInCrypto, it does not stop there and the number two in the market can still fall below 3,000 dollars.

Correction imminent for Ethereum?

Recently, Ethereum reached the point where 96 percent of all coins are in virtual profit. “Such situations usually point towards a top for the market. A market top refers to the point at which an asset begins a downward trend. It marks a peak in investor optimism and usually precedes a correction or decline.

This is confirmed when more than 95 percent of the supply is at a virtual profit,” said BeInCrypto analysts.

Based on this, the news platform concludes that a further decline in Ethereum is “very likely”.

The fact that Ethereum is currently in a weaker period is also evident from the number of Ethers on the exchanges. That number has risen again in recent months. Selling investors recently added 2.31 million Ethereum worth more than 7 million dollars to the stock exchanges.

The basis for an Ethereum price of $3,000

With the Ethereum price of $3,300 that we see now, it has already lost the support of the 50-day and 100-day exponential moving average. The support line at $3,336 has also been lost.

According to BeInCrypto analysts, this makes Ethereum vulnerable to further declines. If we continue this way, an Ethereum price of less than $3,000 will be a matter of time, they say.

However, if it manages to rebound from the current price of $3,300, it could be a sign of recovery or at least slow down the declines.

That would also give Ethereum the chance to regain the 3,336 and refute this bearish thesis from BeInCrypto.

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