Second largest digital token has plunged over weekend, and now experts believe more downward movement may happen
After the massive drop over the weekend, Ethereum lost nearly 30%, now falling into the $1,250 zone.
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 point to the head and shoulders pattern on the ETH chart, indicating that the $1,000 zone is the next target for Ether. However, Ethereum may also find support near $913.
“More pain” is expected for the second biggest cryptocurrency in the near term.
As reported by U.Today, on Saturday, prominent Bitcoin critic Peter Schiff tweeted that he expects BTC to fall to $20,000 and Ethereum to fall 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 said he expects ETH to continue falling against BTC.
