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Ethereum is having a difficult week as it lost 3% on Wednesday following the Fed's announcement of a 75 BPS interest rate increase. The Dow Jones dropped 505 points, sending the stock markets into a tailspin. The cryptocurrency markets experienced aftershocks as the stock markets lost $860 billion in a single day.
JUST IN: Over $860 billion was wiped out from the US stock market today. pic.twitter.com/IqFNv4qFxG
— Watcher.Guru (@WatcherGuru) November 2, 2022
Leading cryptocurrency
analyst "il Capo" predicted the end of the world for Ethereum, saying
it might drop below $800 levels.
Read also; Best 3 Cryptocurrencies for November 2022
Prediction for the price of Ethereum: ETH may drop to $800?
Ethereum could fall to $800,
according to analyst il Capo, if it fails to stabilize at $1,700 levels. In
August of this year, ETH was circling about $1.7K, and it has been over 3
months since it broke through $1.7K.
"ETH enlarged The $1700s is
a crucial area of resistance for Ethereum. If it can't consolidate just above
the resistance zone, $700-800 is likely, said the analyst with his 500,000
Twitter followers.
$ETH zoomed out
— il Capo Of Crypto (@CryptoCapo_) November 2, 2022
$1700s is a very important resistance zone for Ethereum.
$700-800 is likely if it can't consolidate above that resistance zone. https://t.co/WbdNVVKqxB pic.twitter.com/ueHMrF7MNs
In the event that Ethereum is
rejected and fails the consolidate above $1,700, he projected that it will
bottom out between $700 and $800. “ETH. From 1600 to 1650, it was turned down.
Currently, the LTF market is optimistic, therefore we may anticipate a final
leg up towards 1700, tracking the trajectory of BTC to 21000–21500. Critical
resistance is 1700. It ought to be severely rejected. $700–800 is the primary
goal for a local bottom," he tweeted.
After skyrocketing from $1,200 to almost $1,650 in a week, Ethereum saw a strong rally last month. The second-largest cryptocurrency, however, appears to be losing ground since the Fed just raised interest rates. ETH could start its downward trend if the markets don't remain stable.
At the time of publication, Ethereum's price was $1,551, a decrease of 0.6% over the previous day's trading. ETH has lost 68.2% of its value since reaching its all-time high in November 2021, when it rose to $4,878.
