Will Ethereum (ETH) keep going down?

The price of Ethereum has been a roller coaster ride over the past couple months. After reaching an all time high of $4,845.45 in late November 2021, the price of ETH has now dropped 41% to $2,860 as of the time we are writing this.

Will the price of ETH keep dropping?

Here’s an ominous sign for ETH holders. If you believe history tend to rhyme, take a look at the price action back in the past crypto bull market in late 2017.

As you can see from the chart, in Late 2017, the price hit its peak, then its price slowly drifted lower in the next couple months with a few head fakes just to mess with the investors. Then ultimately its value lost around 90% by the end of 2018.

What about the price of ETH in 2022?

Crypto tend to trade with Bitcoin’s movement since it’s the first that came to market and still dominates the market share. So the macro movements of the entire Cryptoverse generally follows Bitcoin.

Bitcoin price has been through three cycles, with each cycle lasting about four years each. And this makes sense due to the halving schedule. Each of the Bitcoin bull market has followed a halving event.

Now, four years later after the previous bull market, we are in a similar position. If you compare the price chart from the previous bull run to the current cycle, it is almost identical. Take a look and compare the two charts.

ETH 2022 Price Prediction

With the price already starting to decline today, it is definitely not looking good for ETH bulls. Based on the charts, we are looking at a 40% decline from the recent high of $3,300 in the past week, that would put us at just below $2,000 by April 2022, and about $500 by year end.

Godspeed ETH bulls.

If you overlap the 2018 chart with the 2022 chart, and you believe in history repeating itself, then we are in for a bumpy rest of 2022 folks.