Analyst Justin Bennett predicts a possible 45% drop in ETH
In the expert’s opinion, the asset may fall to $800, if it does not hold at the current support levels
17.09.2022 - 09:00
173
2 min
0
The material is not an investment recommendation and is published for information purposes only.
What’s new? Cryptocurrency analyst Justin Bennett has warned that the Ethereum rate could collapse by almost 45% if the asset does not hold at current levels. According to the expert, the second most capitalized cryptocurrency is now testing the “neckline” within the “head and shoulders” pattern. If the asset does not hold at this level, the rate of $800 should be expected. As of September 17, 09:10 UTC, ETH is trading at $1434, down by 1,34% in 24 hours, according to Binance.
$ETH is testing the neckline. 👀The target is $800 if this breaks.#Ethereum pic.twitter.com/jJbOa1sQtc— Justin Bennett (@JustinBennettFX) September 15, 2022
What else did the analyst add? Bennett also drew attention to the total crypto market cap (TOTAL). He also warned that this indicator could face upward resistance. The TOTAL line is now at the 2015 levels and amounts to $1,004 billion, down by 7,9% for the week.
GM legends.☕️$TOTAL appears to be finding resistance at the 2015 trend line I've mentioned, and #stocks look terrible. Be careful out there.#crypto $BTC $ETH pic.twitter.com/irtgQPwu4D— Justin Bennett (@JustinBennettFX) September 16, 2022
Even before Ethereum switched to the Proof-of-Stake (PoS) consensus algorithm, CNBC analyst Brian Kelly said that the network upgrade could carry risks for investors. In his view, traders may not get as much return on profitable trades as expected because of ETH’s inflation mechanism.
To find out how the Ethereum upgrade will affect the crypto market, read GetBlock Magazine’s article.
Useful material?
Telegram 
Twitter Market
It costs more than $2000 an hour for a company specialist, while at least 100 employees are involved in the proceedings on the collapse of the exchange
Jan 27, 2023
Market
The entrepreneur agrees to eat a Happy Meal live if the restaurant adds DOGE as a means of payment
Jan 27, 2023
Market
Cryptocurrency expert Dylan LeClair also noted that the average rate of most coins has been showing positive dynamics over the last 30 days
Jan 27, 2023
Market
At the DAO vote, the initiative received the support of about 99% of the participants
Jan 27, 2023
Market
The index rose to 55 for the first time since March 30, 2022
Jan 27, 2023
Market
The cost of the accounts ranges from $50 to $300, depending on the availability of verification
Jan 27, 2023
Cryptocurrency rates
-
Bitcoin
$22 752
BTC
-2.63%
-
Ethereum
$1 624.04
ETH
-2.56%
-
Ripple
$0.4
XRP
-2.59%
-
Cardano
$0.39
ADA
-1.92%
-
Dogecoin
$0.09
DOGE
-3.62%
-
Polkadot
$6.64
DOT
-3.17%
-
Litecoin
$95.96
LTC
-2.6%
-
Solana
$10.15
SOL
-9.47%
-
Monero
$165.47
XMR
-4.43%
-
Bitcoin-cash
$132.59
BCH
-3.41%