Ethereum Price Prediction as ETH Drops to $2,900 – Time to Buy?

The cryptocurrency market has lost almost $800 million in the last three days. BTC is now below $60,000, representing a drop of 4.2%. Ethereum ETH is trading at $2,933, a loss of 6.56% over the last 24 hours. This drop is likely attributed to the massive German sell-off and Mt. Gox saga.

According to a report, the German government has sold about $434.9 million worth of BTC since June 19. Unfortunately, this move brought negative sentiment in the market. Can ETH's price bounce back amid this declining market?

Ethereum (ETH) Price Action

ETH's price tried multiple times to break above $3,900 but failed as strong bearish momentum pushed it lower. On July 4, ETH hit a strong support level at $2,800, representing a 28.2% drop from the $3,900 level.

Currently, ETH is recovering slowly, trading above $2,900. However, the overall market sentiment remains bearish. Analysts warn that this recovery might be short-lived, and the bearish trend could continue, pushing ETH lower again.

Based on that, the $2,800 level will be crucial in determining ETH's next move.If this support breaks, we could see further drops. On the other hand, a strong bounce could signal a trend reversal.

Technical Indicators Signal Bearish Market

ETH's technical indicators are predominantly bearish. The 50-day and 200-day Simple Moving Averages (SMAs) hover above the current market price.This positioning typically signals a strong downtrend, as the price is trading below the key long-term averages.

Also, the Price Volume Trend (PVT) indicator sits at 88K, suggesting decreasing buying pressure.This metric contributes to the downward price movement.

Furthermore, ETH's price is trading below the Bollinger Bands, indicating that the downward trend is strong and may continue.

Also, the Moving Average Convergence Divergence (MACD) is below its signal line, while the histogram bars display red candles.This typically signals ongoing selling pressure and reinforces the bearish outlook.

The SuperTrend indicator is flashing a sell signal, suggesting that the current downtrend may persist in the near term.

Lastly, the Relative Strength Index (RSI) currently stands at 27, indicating oversold conditions.While this might suggest a potential bounce, note that assets can remain oversold for extended periods.

Given this overwhelmingly bearish technical analysis, investors might consider waiting for clear reversal signals before entering long positions.Also, remember that markets can change rapidly at any time.

Peter Schiff Predicts Ethereum Crash to $1,500

Earlier today, renowned economist Peter Schiff predicted that Ethereum could crash to $1,500 based on market factors and technical analysis.Schiff sees Ethereum breaking crucial support regions, which usually signals a further decline in price as the buying strength is low.

#Ethereum is also breaking key support. It's trading below $2,900, down 30% from its March high. I think a crash down to $1,500 is coming. It looks like those buying the #Ether ETF rumors couldn't wait for the fact to sell. pic.twitter.com/XXEyX67BXK

- Peter Schiff (@PeterSchiff) July 5, 2024

Moreover, Schiff believes the anticipated Ethereum ETF launch is overhyped. Schiff claims the ETH ETF hype will ultimately fail soon. According to him, investors are selling off their positions since the price didn't go as expected.

Unfortunately, Schiff's $1,500 prediction may create fear, uncertainty, and doubt (FUD) among investors as they worry about the market's future. The crypto market is not doing well right now. Most cryptocurrencies, like Ethereum, are losing value.

Even if the U.S. SEC approves ETH ETFs, people might react differently to them because the market is already struggling. So, to be on the safe side, it is best to wait for the market to cool off before investing with proper risk management techniques in place.

Secondly, while the broader crypto market is down, investors can consider a new memecoin on presale, which offers an opportunity to buy low and sell high.

WienerAI: A Promising Alternative to Ethereum in a Bearish Market

The new project called WienerAI is gaining attention and has raised over $7 million in its presale. WienerAI combines humor with advanced technology. It offers an AI-powered trading bot on the Ethereum blockchain.

This bot helps users make better trading decisions and protects them from front-running bots. The project has an interesting story involving a mix of AI and a dog.

Additionally, WienerAI focuses on building a strong community called The Sausage Army." WienerAI offers high staking rewards, and holders of WAI tokens can earn substantial returns.

Furthermore, the project has solid tokenomics with a clear allocation plan. Crypto influencers are already talking about WienerAI's potential, highlighting its innovative features and engaging branding.

As a result, more investors are showing interest in the project.

WienerAI's Advantages in the Current Market

While Ethereum struggles, WienerAI's presale is thriving. It has already raised over $7 million.This shows strong investor confidence in the project.

The team behind WienerAI has a clear roadmap. They plan to list the token on major exchanges soon, which could increase its visibility and value.

WienerAI's AI-powered trading tool sets it apart from other cryptocurrencies. It promises to enhance trading efficiency and accuracy.This feature could attract traders looking for an edge in the market.

Another advantage is the project's community-centric approach. It fosters engagement and loyalty among its users, which could lead to long-term support and growth.

Analysts believe WienerAI has the potential for a 100X return on investment, making it an attractive option for investors seeking high rewards.

If you want to join a new crypto project while it is still affordable, rush to the presale page now and grab as many coins as possible.

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