ETH Price Prediction: Will the Token Drop Below $1,000?

ETH has had a rough time. The coin has fallen drastically and has even gone below $2500 after a massive hacking activity at Bybit

output: The price of ether (ETH) has fallen drastically and is now trading below the $2,500 level following a massive hacking activity at Bybit.

According to reports by the Block , hackers stole around $1.5 billion in crypto from Bybit in a recent heist. The report further claims that the attack was carried out by the Lazarus Group, a North Korean state-sponsored group.

The hack instantaneously triggered a 25% crash in Bybit’s native token, BIT. Experts like Benjamin Cowen and others have already stated that the token might fall below the $1,000 mark.

However, if we look at the bigger picture, the price of ETH is not showing any signs of slowing down. It has already broken through some major and important support levels. This suggests that the token will continue to drop.

Historically, Whenever ETH has encountered a significant drop, it has quickly recovered with a strong rally.

For instance, back in April, the price of ETH fell sharply from $5,000 to $3,000. However, from that support level, the token experienced a rapid surge and reached a high of $5,100 within a short period.

Later in August, the price of ETH fell again, this time from $4,000 to $2,800. But once again, the token staged a comeback and rallied to test the $4,100 resistance.

However, this time, experts believe that the token might not see an immediate recovery. This is because the current selling pressure is stronger than previous instances.

According to an expert, the US Federal Reserve’s monetary policy could also affect the pricing of ETH. The Fed controls the amount of money flows into the economy. Sadly, there is no sign of any positive stimuli. If this continues, things can be very bad for the longer run.

An anonymous source told the publication, “If the Fed stays firm on tightening, Ethereum could drop below $1,500, possibly testing $1,200 or even lower before stabilizing.”

On the other hand, popular crypto trader TraderPA is of the opinion that the token is now over sold. As a result, the token is currently standing at a crucial support. This could lead to some positive movement of price.

Then again, the token needs to remain above the $2k mark. If the token remains above the $2k mark, it could rise as high as $3.5k to $4k. But if selling pressure continues, things might have a different outcome.

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