- Correctly predicting the 2022 crypto market crash, the analyst claimed that the largest smart contract platform Ethereum (ETH) and an ETH rival altcoin are on the verge of another decline.
Accurately describing the crypto market downturn we are currently in, the analyst said that he believes Ethereum and one of its biggest rivals are on the verge of another major downturn.
The crypto trader known by the alias Capo has 429,000 Twitter followers. Cardano (ADA) announced that it has touched a critical support level around $0.44 for the fifth time.
Traditionally, the more a support level is tested, the weaker it gets, and Capo says ADA’s $0.44 range is no exception.
“ISLAND. [Destek seviyesine] 5th touch. The support will not hold.”
Ethereum (ETH) Analyst closely scrutinized reports from blockchain monitoring service Whale Alert, which showed large assets sending massive amounts of ETH to crypto exchanges. looking.
According to Capo, the whales sending so much ETH to FTX could be a bearish sign for the second-largest crypto asset by market cap.
“The last time we witnessed ETH being sent to FTX, the price dropped drastically.”
Macro conditions put pressure on crypto
Capo says that macro conditions are also putting pressure on crypto markets. The analyst points out how the US dollar index (DXY) has risen against a weakening S&P 500 and Bitcoin (BTC) implying that it will likely be affected.
“DXY is flying, SPX is bombing, guess what BTC will do”
Capo, technically bitcoinHe says that still shows classic bearish price action. The popular analyst says that every bounce in BTC is just a correction on the bearish path, explaining the main price target as BTC moves up to 23 percent from current prices:
“BTC. He’s constantly making higher lows. The volume of the rallies is low and they look corrective.
The main target remains around $15,800-16,200.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.