HEX founder predicts Ethereum will “bottom out” after predicting Bitcoin

  • The HEX founder once again predicted that Ethereum will face a similar fate as Bitcoin.
  • Buying ETH for the merger is a “bad strategy” in 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 about 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

The HEX founder told Business Insider that Ethereum will follow Bitcoin and will have similar circumstances. Even the merger does not prevent Ethereum from falling to its bottom. According to him, those who bought ETH for the Fusion follow a “bad strategy” in the short term. On the other hand, he believes that buying ETH for the long term may be a better option. This crypto is expected to go further down the indices as it has yet to bottom out.

He predicted on the crypto and stock markets as both markets will face a bloodbath in the coming months due to inflation. He added that “This time, the Federal Reserve is not done with its fight against inflation, which means that interest rates will continue to rise. As long as rates go up, the stock market and cryptocurrencies will only go down.”

As the HEX founder previously told Business Insider when Bitcoin bottoms out at $11,000, Ethereum could sink along with it. He predicted that Ethereum could bottom out at $750 levels, which is almost another 50% lower than its current price.

ETH noted the drop below the $1,000 mark in mid-June this year and reached a new low of $968. Furthermore, the cryptocurrency recovered from the crash and hit $1983 in August 2022. It doubled in price in two months, but faced resistance at $2,000 levels, similar to how Bitcoin was repeatedly rejected at $25,000.

However, crypto analysts are unsure when ETH could “bottom out” as the market continues to run in its “crypto core” throughout this year.

Ethereum Price Analysis

ETH price performance dipped below $1,500, despite the merger. The Ethereum Merge call did not support or raise the price of the Ethereum token, ETH. It is still being done online.

CoinMarketCap: ETH to USD Chart

The chart above clearly shows the all-time price performance of Ethereum. After reaching its all-time high of $4,600 USD with a 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 last 24 hours with a market cap of $161.01 billion.

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