HomeEthereumThe worst is yet to come for Ethereum, Target $300

The worst is yet to come for Ethereum, Target $300

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Ethereum recently fell below the psychologically significant $1000 threshold, but has since recovered to trade above that level, where ETH/USD is presently trading.

The terms and conditions for Ether are as awful as they are for other hazardous investments. Rising global inflation is driving central banks to abandon years of easy money. The consequent loss in liquidity deprives the market of silver, which was formerly a source of brisk earnings.

It must be presumed in this context that the bottom of the downward spiral has not yet been reached. A long-term recovery will be possible only if central banks decide to create additional money, which would subsequently be invested in hazardous enterprises in quest of income.

For investors, this means bracing themselves for more losses. This might possibly entail a collapse to $300 for ETH in the near future. According to famous technical expert Peter Brandt,  he said in a tweet: 

” The chart suggests a target of $300. Targets are not sacred — sometimes they are hit, sometimes not, sometimes exceeded. But for now I would not buy $ETH with my enemy’s money $ETH “

 

Technical Ethereum Benchmarks

Ethereum has reached a fresh cycle low of $883.35. Following that, a rebound occurred, propelling the price beyond the 150 % Fibo expansion of $1080.

The support in this region appears to be being challenged again, and if the daily closing price falls below this level, losses could be expected below the psychological mark of $1000 and the Fibo extension of 161.8 % of $932.

If the bottom of the cycle does not oppose the downward pressure, the downward trend will undoubtedly continue. The 178.6 % Fibo extension at $721 and the 200 % Fibo extension at $453 provide support.

On the other side, the 138.2% Fibo extension at $1228 offers resistance, followed by the 123.6% Fibo extension at $1411.

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