As of June 1, Ether (ETH) has dipped by more than 40% after establishing a record high of $4,384 in May.
The major move downhill in the world’s second-largest cryptocurrency by market cap has prompted many analysts to predict additional declines. For instance, Clem Chambers, chief executive of financial analytics portal ADFVN.com, sees the recent ETH/USD plunge as reminiscent of the beginning of 2018’s crypto crash that preceded a 24,000%-plus bull run.
Comparing Ethereum (black) and Bitcoin (blue) bull runs in 2017-2018 and 2020-2021. Source: ADFVN
Ether surged by more than 4,500% after bottoming out in March 2021 before it wiped off almost 60 percent of those gains in just two weeks of trading in May 2021. Chambers noted that the ETH/USD rate remained at the risk of declining lower, adding that it might take “three and a half years’ time” for the pair to reclaim its all-time high.
Akash Girimath, a financial correspondent at FXStreet, also noted the ETH/USD rate could fall