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What happened? Cryptanalyst Justin Bennett admitted the possibility of the collapse of the Ethereum rate to $ 300. According to the expert, this may happen at the end of 2022. He said this on Twitter, demonstrating a chart of the ETH price movement. Bennett added that many do not believe in such a scenario, but the fall in the value of the asset to $ 1,000 has already occurred.
What else is Bennett talking about? According to the analyst, a sharp collapse may occur due to a global recession, a bearish trend in stock markets and the rise of inflation to new highs in many developed countries.
As of August 22, 16:30, ETH is trading at $1554, having lost 3.85% per day, according to Binance. The drop to the level voiced by Bennett should leave about 80%.
Earlier, the trader has already talked about a possible decline in the ETH rate. At the end of June, Bennett said that the stock and cryptocurrency markets are on the verge of another sell-off. Having analyzed the hourly timeframe of the total capitalization of the crypto market, he came to the conclusion that the indicator can break through the diagonal support level formed within the ascending channel and fall below.
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