Yuga Labs’ vice president of blockchain warned that ether could fall to $200 in the long-term bear market, potentially down 90% from current prices.
In a March 11 post on X, the executive known as “Quit” was pushed back against an analyst who proposed $1,500 as a possible bottom of ether (ETH). Instead, Quit argued that in the true bear market, ETH could drop significantly, similar to previous market cycles.
“The true Bare Market goal is to just start out – $200-400. That’s an 80% drawdown from here, a total of 90% drawdown.
Management said things are in a “comfortable” position as they go south. Quit instructed his followers to consider selling their stash if they are uncomfortable with their assets being down.
Source: End
ETH owners discuss potential price trajectories
Quit’s post elicited mixed reactions from the crypto community. Some investors agreed that ETH could drop even further, while others said such a scenario would require a major systemic collapse.
One X user said he set $1,800 as the bottom. But when the price reached $1,800, they thought about whether it could be $1,200. The ETH owner agreed to Quit’s forecast and said that if Bitcoin (BTC) reaches $66,000, it “can be very low.”
Meanwhile, another X user opposed the prediction, saying it was possible only if there was a similar systemic collapse in 2018. ETH investors said that unlike previous cycles, ether was adopted by institutions and that there is a mature ecosystem.
“Positioning in both scenarios is something all sensible investors should do, but being bearish at the wrong time can cost as much as being overly bullish,” they write.
Related: 4 things need to happen before Ethereum recovers $2,600
ETH Whale Scramble against the threat of liquidation
Quit sentiment occurred as the ETH whales scrambled to avoid liquidation when ETHE collapsed. On March 11, Coingecko data showed ETH prices fell 22% in the past seven days to a $1,791 drop.
Due to a sudden price change, ETH whales have moved millions of dollars of ETH to protect their position from potential liquidation.
Blockchain analytics firm LookonChain has dumped $47.8 million and flagged ETH whales that lose $32 million to avoid liquidation. The Whale still has more than $64 million on loan protocol Aave, with a liquidation price of $1,316.
Another ETH investor, who had already used assets over $5 million to lower the liquidation price to $1,836, has begun to be liquidated. Lookonchain said the whale’s $121 million balance has been settled as the price fell below $1,800.
The suspected whale account linked to the Ethereum Foundation used $56 million in ETH to avoid liquidation amid price declines. The address has been deposited over 30,000 ETH in Sky Vault, bringing the liquidation price to $1.127.14. The account was later determined to be unrelated to the Foundation.
https://www.youtube.com/watch?v=fwo0hw_94a4
Magazine: ETH Whale Wild $6.8 million “Mind Control” Claim, Bitcoin Power Theft: Asia Express
