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More Pain for Ethereum Price on Horizon as It Loses 28% over Weekend, Various Experts Suggest

Mon, 06/13/2022 - 11:32
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Yuri Molchan
Second largest digital token has plunged over weekend, and now experts believe more downward movement may happen
More Pain for Ethereum Price on Horizon as It Loses 28% over Weekend, Various Experts Suggest
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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.

"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.

Image via TradingView

Peter Schiff Names "The Only Price" That Can Happen to BTC Soon

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at