CandleFocus Crypto Strategist Issues Ethereum Warning, Says Nearly 70% Collapse Is His Base-Case Outlook for ETH
2024-09-09
Author: Content Editor
Crypto strategist Justin Bennett believes that Ethereum (ETH) is at a critical juncture and could see significant downward price movement. He points out that ETH is testing the diagonal support of an ascending channel pattern, which suggests that a breakdown may occur if the lower support is breached. Bennett predicts that ETH will eventually drop below the channel's support and reach its long-term trendline, indicating a potential decrease of over 69% to $700. He also dismisses the idea that a looming Fed rate cut will lead to sustainable surges in the market, stating that any rally following rate cuts is likely a trap.
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