Crypto analyst Justin Bennett predicts a sharp collapse of ETH to $300

According to the expert, a significant decrease in the value of the second most capitalized cryptocurrency may occur by the end of 2022

22.08.2022 - 14:25

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2 min

What’s new? Crypto analyst Justin Bennett allowed the possibility of the collapse of Ethereum to $300. According to the expert, it could happen at the end of 2022. He said this on Twitter, showing a graph of the ETH price movement. Bennett added that many people do not believe in such a scenario, but the fall in the value of the asset to $1000 has already happened.

Unpopular opinion: The $ETH bottom is probably closer to $300 than $1,000.#Ethereum pic.twitter.com/XPMz5DNjRM— Justin Bennett (@JustinBennettFX) August 19, 2022

What else does Bennett say? According to the analyst, a sharp collapse could happen because of a global recession, a bearish trend in stock markets, and inflation soaring to new highs in many developed countries.

As of August 22, 13:30 UTC, ETH is trading at $1554, having lost 3,85% in a day, according to Binance. The drop to the level announced by Bennett should be about 80%.

The trader previously talked about a possible drop in the value of ETH. In late June, Bennett said that stock and cryptocurrency markets were on the verge of another sell-off. Having analyzed the hourly time frame of the total crypto market capitalization, he concluded that the indicator may break the diagonal support level, formed within the ascending channel, and go lower.

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