ETH Drops Below 1000 USD: Is it going to Zero?
ETH has dropped below 1000 USD, currently trading at 938 USD at the time of writing. Not just ETH, entire crypto industry is facing the heat of the fast paced bear market. Following UST crash, and Celsius stopping withdrawal, there is a lot of fear among investors, who are drawing their money heavily from exchanges and lending platforms.
Recently Three Arrow Capitals got liquidated, dragging ETH’s price further down. There is a lot of panic among the investors.
Market cap of USDT is also declining from a month now. It is advised to move your stablecoin to some other stabe coins like BUSD and USDC. They look compatitively safer compared to USDT.
ETH has dropped from its ATH price of 4,878 USD which is reached on 16th of November 2021 to 938 USD, a more than 80 percent fall in about 7 months.
Earlier, in the last crypto cycle, we saw ETH dropping from 1428 USD to less than 85 USD, a fall of 94 percent, in 11 months. So if ETH were to drop by 94 percent even this crypto market cycle, ETH should bottom around 300 USD. So we could still see ETH to drop by another 66 percent. Whether we will follow the same pattern or not, only time will tell.
I personally consider ETH to be a very good investment, and this is the time you should start DCA’ing, even if you do not have any ETH in your portfolio.
I purchased a small amount of ETH around 1100-1200 range. For me to next buy Ethereum, I will wait for a price in between 600-800 USD, and go big if ETH drops below 500 USD.
Bitcoin and Ethereum are the the best investments you can make in a bear market. If you are already a ETH investor, you can start DCAing. Else, if you are new to investing with Ethereum, this is a good time to start.
What are you doing with your Ethereum? Have you converted your ETH to stablecoins? Share with us under the comment section.