Crypto Analyst Issues Ethereum Warning, Predicts “Final Sweep” for ETH – Here Are His Targets

A crypto analyst and trader says Ethereum (ETH) is poised to fall to levels last recorded in late 2023.

An analyst known by the pseudonym Kapo told 104,092 Telegram subscribers that Ethereum could fall by more than 26% from current levels.

“Ethereum has been hovering between $2,000 and $2,800 for two months. It seems to be an accumulation range. But as we have said in the last few days, it will go from $1,800 to $2,000 (spring phase of the accumulation scheme). Final adjustments are likely to be made before expansion.

At the time of writing, Ethereum is trading at $2,430.

According to the pseudonymous analyst, the collapse of Ethereum could lead to a sharp decline in altcoins, thereby increasing the likelihood of a proper altcoin season in the future.

“If that potential shakeout occurs, altcoins should fall by 20% to 40%, which would be a 'capitulation candle' similar to the coronavirus crash. If this happens, don't be afraid. This is probably one of the best buying opportunities in recent months. ”

Turning to Bitcoin (BTC), Capo said the flagship cryptocurrency's fall to below $59,000 before rallying above $60,000 earlier this week was a “dead cat rebound.” He said it seems like it. A dead cat bounce is when an asset price rises after a downtrend, giving the false sense of an uptrend, but is followed by another leg down.

Capo says,

“First move completed.

We should see a local top forming around here this week, and we should see continued weakness. ”

At the time of writing, Bitcoin is trading at $62,275.

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