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The largest altcoin by market value, Ethereum (ETH), has significantly lost value following the recent BTC drop. It fell as if an ETH ETF listing would not happen in the next few days or weeks. The main reason for the drop was the fear that BTC sales were overwhelming the market. A popular analyst had published his bottom target for Ether before the decline.
How Low Will Ethereum Go?
Popular crypto analysts like Credible Crypto discussed Ethereum in his latest market update. While the price was hovering around 3,000 dollars and before today’s drop, he highlighted the possibility of a decline by pointing to open interest. As he expected, ETH fell, but did it reach the levels he predicted?
In his market assessment, Credible Crypto wrote:
“When we look at the open positions in futures (below), we can see that the significant drop in positioning has not actually occurred yet. OI only fell in USD terms because the price dropped.
The real drop will likely occur a bit lower. My estimate is that a new bottom will be set in the range of 2,200 to 2,700 dollars. Watch for the drop in open positions in Ether as we enter this region.”
If the analyst’s prediction comes true, BTC will likely fall to 50,000 dollars, and Ether will see its bottom below 2,700 dollars during this time. This decline could occur amidst a steady net outflow process similar to GBTC sales with the ETHE listing. The listing is expected next week, or at the latest, the following week.
PEPE Coin Bottom Target
The analyst’s assessment also included PEPE Coin. It is among the most popular meme coins of the last year and recently hit a new all-time high despite the highly competitive environment. This shows how strongly investors hold PEPE Coin. The analyst, known as Credible Crypto, wrote:
“PEPE appears to have completed its deviation at the highest levels of the range and is now accepted back within the range. It is now targeting the lowest levels of the range and realistically below that… Some altcoins take more hits than others.
Alternatives like PEPE, which have a lot of open space below, have minimum downside targets of 30%-40% lower. In a larger dip, losses could range between 60% and 70%.”
The target for Pepe Coin is around 0.0000040 dollars.
