Ethereum has already faced strong selling pressure slipping nearly 10% on the weekly chart with the ETH price dropping to $2,366 levels currently. Some market analysts believe that the ETH market rout has just begun with the possibility of another 50% drop as per the log regression model.
Ethereum Regression Model Hints Major Crash
With the log regression model, popular crypto analyst Benjamin Cowen explains that whenever Ethereum (ETH) has broken support against Bitcoin, the ETH/USD pair has faced a 70% drop to the lower logarithmic regression trend line. As of now, ETH is already down 41%, raising concerns that a similar scenario could unfold this year. Currently, the ETH price dropped 1.14% at $2,366 losing over $50 billion from its market cap over the past week.
Courtesy: ETHUSD
Historically, these sharp declines occurred in Q4 2016 and Q4 2019, suggesting that a similar pattern might emerge in Q4 2024.
Although several market players have been optimistic regarding a potential ‘U
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