The FTX contagion continues to spread, taking the global cryptocurrency market down. Most of the altcoins fell on Tuesday along with bitcoin and Ethereum. The global crypto market cap stood at $786.6 billion, with a volume of nearly $66.7 billion in the past 24 hours.
The leading altcoin and smart contract platform, Ethereum is currently facing extreme heat as the FTX hacker has been selling large amounts of ETH tokens. According to the latest Etherscan reports, the hacker transferred Ethereum in several batches of 15,000 ETH.
ETH Price to Crash 50% in Coming Days
A popular crypto strategist altcoin sherpa altcoin sherpa Altcoin Sherpa ນັກວິເຄາະຕະຫຼາດ mapped potential low levels for Ethereum (ETH). As per the analyst, ETH prices could drop by 54% from current prices if another major event like a prominent firm filing bankruptcy hits the crypto markets.
As per the chart, there is still support above the $900 level, but the $500 range awaits below.
At present, Ethereum is attempting to reclaim the $1,100 level. However, the largest altcoin is likely to see a strong downtrend continuation as ETH/USD has broken through the lower side of a symmetrical triangle
In this case, the major support lies at the $1,000 level, below which ether price may perhaps gain bearish momentum and could decline towards $920. In case of an extended rally, the ETH price can further drop to $880 or $800 levels.
On the other hand, on the upside, the major resistance is at the $1,150 level.
Why are Institutional Investors are Shorting Ethereum?
Source: https://coinpedia.org/ethereum/eth-price-at-risk-of-plunging-50-is-ftx-behind-ethereum-crash/