Richard Heart, the founder of Hex, who previously announced that he expected a decrease for Bitcoin, now shared his prediction for Ethereum. Heart predicts that Ethereum will face a similar fate despite the successful Merge update that was completed on Thursday. He told Business Insider that buying ETH for Merge is a “bad strategy” in the short term. On the other hand, he believes that buying ETH is a good option for the long-term scenario.
Despite the Merge event, ETH fell as low as $1,500 on Thursday. We can say that Merge did not have a positive effect on the price as ETH is still on the decline. Ethereum shows no signs of recovery today either. However, analysts are unable to pinpoint exactly when ETH might “bottom out” as the markets have been down for nine months.
When Will Ethereum “Break The Bottom”?
Richard Heart said in a statement that when Bitcoin drops to $11,000, Ethereum could drop with it. Heart predicts that Ethereum could bottom at $750, which is 50% lower than its current price. He also predicts that both crypto and exchanges will face a bloodbath due to inflation in the coming months.
“The Fed’s fight against inflation is not over, which means interest rates will continue to rise. As long as rates rise, the stock market and crypto will fall.”
Koinfinans.com As we reported, ETH dropped below $1,000 in mid-June this year and hit a new low of $968. Afterwards, the coin recovered from the decline and managed to climb as high as $1,983 in August. Its price doubled in two months, but faced resistance at the $2,000 level, similar to Bitcoin’s repeated rejection at $25,000.
At press time, Ethereum is trading at $1,419 and is down 6.4% in the 24-hour trade. The coin is also around 70% behind its all-time high of $4,878, which it reached in November last year.
You can follow the current price action 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.