Analyst Says Ethereum May Lose Up to 50% of its Value in the Next 12 Months
After posting the new 2020 high recently at $444.58, the world’s second-largest cryptocurrency Ethereum (ETH) faced a pullback. The price value of ETH has now come down to trade around the $400 mark. Where Ethereum’s price value is heading downward with a change rate of -3.80% in 24 hours, a cryptocurrency analyst has claimed that the second-ranked digital currency may see a further massive drop in its price value within the duration of the next twelve months.
ETH Price could dip down by 50%
Cane Island Alternative Advisors’ Timothy Peterson has predicted in a tweet that Ethereum may dip down in the coming months. According to Timothy Peterson, the price value of Ethereum’s ETH could drop by 50% in the duration of the next twelve months.
Furthermore, the cryptocurrency analyst Peterson found out while analyzing Ethereum technically that the long-term growth rate of Ethereum’s ETH “only supports an average annual price appreciation of 30%”.
Peterson explained his Ethereum’s analysis in these words via Twitter:
“Pessimistic about #Ethereum price for the foreseeable future. Long-term growth rate only supports average annual price appreciation of 30% per year. $ETH could lose 50% in the next 12 months.”
If the prediction of Timothy Peterson proves right and Ethereum’s Price value faces a drop of 50% in the coming twelve months, then the second-ranked digital currency may enter into a long-term bearish trend which is what ETH holders would not want to happen.
ETH price analysis: A strong resistance of $450 lies ahead
Currently, the price value of ETH is residing in the $400 zone but with a slightly bearish sentiment that is referring to a price drop. Ethereum’s price is facing a strong resistance of $450 standing right in front of it. The coin is making attempts to break this resistance in order to carry on its previous rally towards $500.
Last time when ETH tried to sneak through this price resistance level it faced a pullback. The coin needs to sustain the support of $400 in order to break this massive resistance.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
