After the massive decline over the weekend, Ethereum has lost nearly 30%, dropping to the $1,250 area by now.
ETH has dropped to the lowest level over the past year. The last time the price was seen at the same low was the end of January 2021.
Bloomberg experts are pointing at the head-and-shoulders pattern on the ETH chart, stating the $1,000 area as the next objective for Ether. However, Ethereum may find support near $913 as well.
Ethereum is down 30% month-to-date after having plunged as much in May, and price action suggests more pain may be in store through year-end https://t.co/nSBFAmxujB pic.twitter.com/EN8UeW1NiZ— Bloomberg Crypto (@crypto) June 13, 2022
"More pain" is expected for the second biggest cryptocurrency in the near term.
As reported by U.Today, on Saturday, prominent critic of Bitcoin Peter Schiff tweeted that he expected BTC to fall to hit $20,000 and Ethereum to decline to the $1,000 level.
Jim Bianco, president of Bianco Research LLC, and Caleb Franzen, a senior analyst at Cubic Analytics, have also tweeted about the current plunge of Ethereum.
Franzen stated he expects ETH to keep declining against BTC.
I definitely expect to see more underperformance, based on the structural breakdown of $ETHBTC: https://t.co/6QyVXsombg— Caleb Franzen (@CalebFranzen) June 13, 2022