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While Bitcoin has fallen by approximately 50% from its October all-time high of $126,000, most altcoins have also declined without being able to break their previous all-time highs.
While the situation in altcoins is getting worse, a new bearish forecast has emerged for the largest altcoin, Ethereum ($ETH).
According to one analyst, without a new catalyst, $ETH could fall to $1,500.
Speaking to DL News, Bitwise analyst Max Shannon warned that Ethereum could fall by as much as 22%, dropping to $1,500.
Shannon noted that $ETH has experienced six consecutive months of decline and is on track to face its worst period in history.
Without a clear macroeconomic or Ethereum-specific catalyst, he predicted that $ETH could fall to $1,500 until it regains investor confidence and its upward momentum.
“Until a macro or individual catalyst revitalizes momentum and market sentiment, downside risks for Ethereum remain below $1,500.”
Shannon also noted that Bitcoin was a factor in Ethereum’s slow performance, stating that $ETH moved in parallel with BTC but experienced larger drops. Shannon said that when Bitcoin dropped by 10%, Ethereum usually dropped even further.
Shannon also stated that the market is currently ignoring good news and focusing entirely on price charts, with Bitcoin leading the decline.
The analyst concluded by saying, “The passage of the Clarity Act, with DAT companies and ETFs purchasing more than 100% of the new supply, will revive interest and bring $ETH even closer to its all-time highs.”
*This is not investment advice.
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