A Pseudonymous Trader Warns of Potential Collapse for Ethereum (ETH) after a Bull Run
A pseudonymous crypto trader known as Altcoin Sherpa has issued a warning about the smart contract platform Ethereum (ETH), suggesting that it could collapse following a significant upward rally. While the trader believes that ETH has the potential to surge above $2,000 in the coming months, they also anticipate a swift and deep correction afterwards.
Key Points:
- The trader predicts that ETH could reach $2,500 in November 2021 but may decline to around $1,500 in early 2024, according to their chart analysis.
- They argue that ETH’s price action does not convincingly support a bull cycle, with the market appearing to be in a choppy consolidation range.
- The trader identifies that while there are higher highs and higher lows, they are not significantly breaking previous highs or lows, leading to a lack of conviction in the market structure.
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In the current market, Ethereum is trading at $1,849, experiencing a slight 0.1% decrease in the last 24 hours.
Hot Take
This pseudonymous trader has raised concerns about the future of Ethereum, suggesting the possibility of a collapse after a strong rally. While they acknowledge the potential for ETH to reach new heights, they emphasize the likelihood of a swift correction in the near future. It remains to be seen how Ethereum will navigate the upcoming weeks and months and whether it can sustain its current momentum. Cryptocurrency enthusiasts should closely monitor these developments to make informed investment decisions.
