How low could Ethereum fall in the coming weeks, according to a prominent analyst

A popular crypto analyst who correctly predicted several bitcoin price collapses (BTC) has issued a potential price warning on Ethereum.

The crypto trader, under the pseudonym Dave Wave, is reporting to his 69,200 followers on Twitter that the current price move is beginning to suggest that Ethereum (ETH) will make a solid correction that could bring the price down to $ 1,000.

 
“ETH / USD unchanged medium term chart.

[Price action] begins to validate the projected robust correction…. not ” garden variety.””

Source: Dave Wave
The analytical chart predicts Ethereum to fall to $ 1,350 in early September, followed by $ 1,000 next month. ETH was trading at $ 2,012 at the time of writing, down 22% over the past 30 days, according to CoinGecko.

But the analyst says he is optimistic about Ethereum’s long-term future.

Dave Wave correctly predicted the collapse of bitcoin from 11 400 to 6 400 dollars in 2019. He also warned traders about the downward price movement on bitcoin before it collapsed at the end of May, saying BTC’s current price momentum mimics 2018.

 
He shared a chart indicating that the price of Bitcoin could start rising again once it falls to $ 20,000. Bitcoin was trading at $ 32,973.17 at the time of writing, down about 19% over the past 30 days, according to CoinGecko.

“Some are looking at reduced volatility. The question is whether this will also cause prices to fall. The good news is that this time around, price may not be so deep into the buying space, but instead reflects it.”

But the analyst also remains optimistic about the long-term future of BTC.

“For those interested in macro. Chances are in your favour, you are right by consistently arguing that the price will rise to much higher prices… finally.”

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