Ethereum Price Plummets by 99%: What’s Next for Investors?

This phase of the crypto winter is nearing its end, as all seasons do, only to return again in the future. Analyzing Ethereum's price chart history, it's anticipated that the next crypto winter might have a significant impact on Ethereum. While many altcoins are expected to experience substantial growth in the coming years, with some potentially soaring 100x to 500x, Ethereum is speculated to reach around the $6000 mark, representing a 3.6x increase from current levels. Examining the price chart pattern, there are concerns about a potential downturn for Ethereum. The formation does not appear to be truly impulsive, despite completing two significant five-swing movements. The shallow correction in the boxed area could be classified as Wave 2, but it could also be interpreted as Wave B. Considering the price action, two potential scenarios are envisioned for Ethereum: a sharp decline leading to new all-time lows, or a drop to the 0.618 - 0.89 fib levels before a recovery. The best-case scenario projects support around $20 for Ethereum in the mid-term future. A drop from $6K-$7K to $20 would signify a substantial 99% decrease, highlighting the importance of understanding price action trends. The future trajectory of Ethereum remains uncertain, reminiscent of patterns observed in other cryptocurrencies like Luna. Whether Ethereum follows a similar path or experiences a bullish reversal remains to be seen. Stay informed, stay safe, and let's see how these market dynamics unfold in the years ahead. Peace!

The highly skewed and fragile trajectory of this chart pattern must not be overlooked but rather treated as a major cause for concern by Ethereum supporters.

After reevaluating the macro trends for ETH, it appears that my previous macro outlook may have been skewed in the previous post. Given the initial zig-zag movement that pushed ETH close to $1400, it is likely that another zig-zag pattern will follow, especially considering the new all-time high achieved after retracing to the 0.5 fib level of its move to around $1400. Although I still anticipate an upcoming crypto winter, the ETH ecosystem seems well-positioned to not only endure but also strengthen its dominance once this phase passes, at least for a certain period.