A prominent figure in the cryptocurrency analysis field is cautioning investors that Ethereum (ETH), a leading smart contract platform, might see a significant drop in value, potentially decreasing by as much as 26%.

The analyst, known as Credible Crypto, has shared with his substantial following of 402,300 on a social media platform that Ethereum may not have reached its market floor yet.

Credible Crypto has examined Ethereum’s open interest (OI) – a measure of the total active derivative contracts – and suggests that despite a recent downturn in price, the OI is still disproportionately high.

“Examining OI in terms of the actual coin, we observe that the anticipated major exit of positions hasn’t occurred. The OI has diminished in monetary terms due to the falling prices. The anticipated significant exit in positions is more likely to occur at a slightly lower price range. I anticipate the bottom to be in the vicinity of $2,200-$2,700. Keep an eye on the OI measured in coins as we approach this price bracket.”


Credit: Credible Crypto

At the moment, Ethereum’s trading price is $3,002, which is over a 4% decrease in the past day.

Furthermore, Credible Crypto has issued a warning regarding the meme-based cryptocurrency Pepe (PEPE), predicting a potential fall in its value.

“PEPE appears to have finished its outlier movement at the upper end of its range and is now settling back within. The focus is now shifting towards the lower end of the range, and possibly even lower… Certain altcoins are experiencing more severe impacts than others. For altcoins like PEPE, which have significant room to fall, the minimum expected decrease is between 30%-40% (the lower end of PEPE’s range), with the possibility of a 60%-70% drop as the broader correction concludes (a fall from PEPE’s range lows). Other altcoins that have already seen substantial losses might face a maximum downturn of 30%-40%, or even less in some instances.”


Credit: Credible Crypto

According to his analysis, Pepe could potentially fall below $0.00000400. Currently, Pepe’s trading value stands at $0.000008656, marking a 7.5% decline within the last 24 hours.

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