A well-known crypto analyst is cautioning investors about potential price drops for Ethereum (ETH) and memecoin Pepe (PEPE). The analyst, known as Credible Crypto, believes that Ethereum could see a significant decrease of up to 26%, with a potential bottom between $2,200-$2,700. Despite the recent price collapse on Thursday, the analyst believes that the real flush in positioning for Ethereum has not yet occurred, pointing to the overweight open interest in derivatives contracts.
Currently trading at $3,002, Ethereum has experienced a more than 4% drop in the last 24 hours. Credible Crypto warns that memecoin Pepe could face a similar fate, with the potential for a 30%-40% decrease in price. Pepe, currently trading at $0.000008656, could potentially dip below $0.00000400 according to the analyst’s chart analysis. The analyst highlights that some altcoins, like Pepe, could see larger corrections of 60%-70% lower, depending on their current positioning and price action.
It is important for investors to keep a close eye on these potential price movements and to be prepared for further downturns in the market. Credible Crypto emphasizes the impact of open interest on the price of Ethereum and other altcoins, indicating that a significant drop in open interest could signal a market bottom. By monitoring open interest in coin terms, investors can better understand the positioning of traders and predict potential price movements in the market.
To stay informed about the latest updates and alerts in the crypto market, investors can subscribe to email alerts and follow Credible Crypto on social media platforms like X, Facebook, and Telegram. By staying connected to reliable sources of information and analysis, investors can make more informed decisions about their crypto investments. As the market continues to experience volatility, it is crucial for investors to stay updated on the latest trends and developments to navigate the crypto landscape effectively.
In conclusion, Credible Crypto’s warning about potential price drops for Ethereum and memecoin Pepe serves as a reminder for investors to exercise caution in the current market environment. With the possibility of significant decreases in price for these assets, investors should be prepared for further volatility and take proactive steps to protect their investments. By staying informed and following expert analysis, investors can make better decisions and navigate the crypto market with confidence. Subscribe to email alerts and follow credible sources on social media to stay ahead of market trends and make informed investment decisions.
