Crypto World Report:
A closely-watched cryptocurrency analyst is warning investors that the smart contract platform Ethereum (ETH) could plunge by 26%.
Pseudonymous crypto strategist Credible Crypto told his 402,300 followers on social media platform X that the top altcoin may not have found its market bottom yet.
The analyst examined ETH’s open interest (OI), an indicator that tracks the total number of outstanding derivatives contracts for a specific asset, and noted that despite the price drop on Thursday, the indicator remains in an accumulation state.
“When we look at OI from a coin perspective (as below), we can see that the big uptick in positioning hasn’t actually happened yet. OI has just dropped in coin terms as prices have dropped.
Real positioning flush might happen a bit lower. My bet is on a bottom between $2200-$2700. Watch for the uptick in OI (in coin terms) when we get into that region.”
Source: Credible Crypto/X
At the time of writing, Ethereum is trading at $3002, down over 4% in the past 24 hours.
The analyst also warns that the price of meme coin Pepe (PEPE) could plummet.
“PEPE looks to have completed a deviation at the range highs and found acceptance back within the range. It is now targeting the range lows and potentially lower than the range lows… Some alts will be hit harder than others.
Alts like PEPE with a lot of open space have minimum downside targets of low 30%-40% (range low for PEPE) and potentially 60%-70% lower (breakdown from PEPE’s range low) before their larger correction is over. For other alts that have already been beaten to a pulp, 30%-40% might be the maximum drop (in some cases even less).”
Source: Credible Crypto/X
From his chart, the trader sees Pepe potentially breaking below $0.00000400.
At the time of writing, Pepe is trading at $0.000008656, down 7.5% in the past 24 hours.
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