A leading technical analyst is warning that the price of Ethereum (ETH) could fall a further 80% this year as the rout in cryptocurrencies intensifies.
Ethereum, which has the second largest market capitalization of any cryptocurrency after Bitcoin (BTC), has already lost about 60% of its value since it reached an all-time high last November of $4,800 U.S.
John Roque, a leading cryptocurrency technical analyst with 22V Research, is forecasting that Ethereum could fall as low as $420 U.S. if the digital token can’t rally higher in coming weeks.
In a note to clients, Roque said that Ethereum is “oversold daily and oversold weekly and cannot rally.” Roque noted that Ethereum’s price has fallen 16% in the past week.
The analyst added that the entire cryptocurrency market continues to be pressured by stock market volatility, high inflation, and a flight to safety from riskier assets among investors worldwide.
Ethereum is currently trading at just over $2,000 U.S.
