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A cryptocurrency analyst indicates that Ethereum (ETH) 
$2,463 is poised to drop to levels recorded at the end of 2023. Known as Capo, the analyst informed his Telegram followers that Ethereum could decline by more than 26% from its current levels.
Current Status of Ethereum
Capo stated that Ethereum has fluctuated between $2,000 and $2,800 for the past two months, which he describes as a consolidation range. However, recent analyses suggest that a final drop may occur in the $1,800 to $2,000 range, potentially followed by a rise.
According to the analyst, Ethereum’s decline could also lead to a drop in altcoins, setting the stage for a healthy altcoin season in the coming period. Capo mentioned that this potential decline could result in a 20% to 40% decrease in altcoins, reminiscent of the Covid crash.
“If this potential shakeout occurs, altcoins should fall between 20% and 40%. Don’t be afraid of this situation; it could likely present one of the best buying opportunities we’ve seen in months.”
Future of Bitcoin
Regarding Bitcoin (BTC) 
$104,810, Capo described its surge above $60,000 earlier this week as a “dead cat bounce.” This term refers to a price that rises briefly after a decline before falling again. He noted that Bitcoin has formed a local peak and that a downward trend is expected to continue this week:
“The first move has happened. Now we should see a local peak here, and the decline needs to continue this week.”
The analyst’s forecasts indicate that the movements of leading cryptocurrencies like Ethereum and Bitcoin could influence the broader crypto market. This suggests that investors should exercise caution. Capo remarked:
“The movements of Ethereum and Bitcoin can generally steer the crypto market, and investors may need to adjust their strategies accordingly.”
Capo’s analyses signal that volatility in the cryptocurrency market may persist. It is crucial for investors to closely monitor market trends and prepare for potential risks.
Expectations and Strategies
The analyst recommends that investors take strategic steps during such volatile markets and seize opportunities. Especially during downturns, it is vital to act cautiously and follow market trends to identify investment opportunities.
As market uncertainty continues, investors are advised to make informed decisions and avoid sudden movements.
Capo’s predictions can guide cryptocurrency investors in better understanding the market and preparing for future movements.
In conclusion, potential fluctuations in Ethereum and Bitcoin could also impact the overall cryptocurrency market. Investors must remain vigilant and make strategic decisions by keeping an eye on market trends.
