Analyst Predicts Ethereum Price Could Fall Below $2,000 Soon
Bitcoin remains near its all-time highs, while Ethereum is experiencing significant declines. This has intensified bearish sentiment across the altcoin market, leading to a potential bear market.
Short-Term Outlook for Ethereum
- Analyst Maddox Metrics predicts further declines in Ethereum's price, potentially falling below $2,000.
- Current target for ETH is around $1,900, indicating a second wave of a five-wave pattern.
- Institutional buying has not halted the downward trend, attributed to rising tensions in the Middle East.
- Investors advised to adopt a patient strategy rather than frequent trading.
Long-Term Prospects for Ethereum
- Despite short-term bearish indicators, the long-term outlook remains bullish.
- The current decline reflects a Wave 2 retracement; future movements suggest a potential bullish Wave 3.
- Next major resistance could see Ethereum approach new all-time highs under $5,000 and potentially reach $7,000 by 2026.
