With Ethereum (ETH-USD) falling another 7.5% to $1.090 this morning amid tremendous upheaval in cryptocurrencies, many investors are wondering if the second-largest crypto will fall below the key $1,000 level. As a result, the crypto is the top trending ticker today. Meanwhile, despite the arrival of a “crypto winter,” multiple websites are still making bullish Ethereum price predictions.
It’s Winter in the Crypto World
Celsius, a top crypto platform, has recruited “restructuring” lawyers in an effort to find a solution for its financial problems. The platform had previously frozen “all withdrawals, swaps and transfers between accounts because of extreme market volatility,” The Wall Street Journal noted.
Moreover, other leading players in the crypto space — including Coinbase (NASDAQ:COIN), BlockFi, and Crypto.com — have implemented massive layoffs. The largest American crypto platform, Coinbase, has dismissed 18% of its workforce, representing about 1,100 employees.
And creating more fear and uncertainty in the crypto sector, many smaller coins — known as altcoins — have also been tumbling. For example, just since Saturday, Dogecoin (DOGE) has sunk about 30%.
Finally, making the crypto winter even colder, Bill Gates said yesterday that the entire crypto sector, including NFTs, is: “100% based on greater fool theory.” According to CNBC, that hypothesis is based on “the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them.”
Ethereum Price Predictions
The website GovCapital is predicting that Ethereum will soar to $3,420 in a year, while WalletInvestor estimates that the crypto will jump to $3,063 in 12 months. Less bullish, but still expecting a rally, is DigitalCoinPrice. The latter website’s “Average Price” for Ethereum next year now stands at $1,638.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.