- The Founder of HEX once again predicted that Ethereum will face a similar fate like Bitcoin.
- Buying ETH for the Merge is a “bad strategy” for the short term, but for a long-term scenario buying ETH is a good option.
Richard Heart, the Founder of HEX once again made a prediction on a cryptocurrency. After predicting the most-traded cryptocurrency, Bitcoin, he came up with the second most-traded cryptocurrency, Ethereum.
Crypto Prediction by The HEX Founder
HEX Founder stated to Business Insider that Ethereum will follow Bitcoin and have similar circumstances. Even the Merge does not save Ethereum to drop at its bottom. According to him, those who bought ETH for the Merge follow a “bad strategy” for the short term. On the other hand he thinks buying ETH for the long term may be a better option. This crypto is expected to go down further in the indices as it’s yet to ‘bottom out’.
He predicted about both the crypto and stock markets as both markets will face a bloodbath in upcoming months due to inflation. He added that “This time, the Federal Reserve isn’t done with its fight against inflation, which means interest rates will continue to rise. As long as rates are going up, the stock market and crypto will only go down.”
As the HEX founder previously told Business Insider when Bitcoin bottoms out at $11,000, Ethereum could plunge along with it. He predicted that Ethereum could bottom out at $750 levels, which is nearly down by another 50% from its current price.
ETH noted the drop below $1,000 mark during mid-June this year and reached a new low of $968. In addition, the crypto recovered itself from the crash and reached $1,983 in August 2022. It doubled in price in two months but faced resistance at $2,000 levels similarly to how Bitcoin was repeatedly rejected at $25,000.
However, the crypto analysts are not sure when the ETH could “bottom out,” due to the market still performing in its “crypto downtown” throughout this year.
Ethereum Price Analysis
The price performance of ETH dropped down below $1,500, in spite of the Merge. The so-called Ethereum Merge did not support or even raise the price of Ethereum token, ETH. It is still performing in the Red.
The above chart clearly shows the all-time price performance of Ethereum. After hitting its all-time high of $4,600 USD with the trading volume of $17.93 Billion in November 2021, it is currently trading at a price of $1,312.24 USD with a trading volume of $7.04 Billion. The crypto is down 0.60% in the recent 24 hours with a market cap of $161.01 Billion.