Ethereum
Analyst Issues Ethereum Warning, Saying ETH Could Drop Up To 26% From Current Levels – Here Are His Targets
A widely followed crypto analyst is warning investors that smart contract platform Ethereum (ETH) could fall by up to 26%.
Pseudonymous crypto strategist Credible Crypto tell Its 402,300 followers on social media platform X indicate that the leading altcoin has likely yet to find a market floor.
The analyst looks at ETH’s open interest (OI) – which tracks the total number of outstanding derivatives contracts for a given asset – and believes it remains overweight despite Thursday’s price crash.
“When we look at OI in terms of coins (below), we can see that the big wave of positioning has not yet happened. OI has simply dropped in monetary terms because price has dropped.
The real flush in positioning probably happens a bit lower. I would bet on a floor somewhere between $2,200 and $2,700. Watch for this flush on OI (in coin terms) as we move into this zone.
Source: Credible Crypto/X
At the time of writing, Ethereum is trading at $3,002, down more than 4% in the past 24 hours.
The analyst also warns this memecoin Pepe (PEPE) could see its price fall.
“PEPE appears to have completed its deflection to the range highs and has found acceptance inside the range. Now [it’s] targeting the lower end of the range and realistically below that… Some alts are hit harder than others.
Alts like PEPE that have a lot of headroom underneath have minimum drawdown targets of 30-40% (range lows on PEPE) with the potential for 60-70% downside before their larger corrections are complete (break of range lows for PEPE). For other alts that have already been beaten down, 30-40% may be the maximum drawdown (even less in some cases).
Source: Credible Crypto/X
Looking at his chart, the trader suggests that Pepe could drop below $0.00000400.
Pepe is trading at $0.000008656 at the time of writing, down 7.5% in the last 24 hours.
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