CNBC’s Mad Money host Jim Kramer argued that there could be a significant increase in the price of the leading Ethereum altcoin (ETH). The server predicts growth of 40%, but the crypto community is cautious, especially after Netflix’s forecast, due to recent losses, due to which it fell by 71%.
Jim Kramer Expects a 40 Percent Ethereum Boom, But the Community Is Worried
In his latest broadcast of the “Girl Talk Action”, Mad Money host Jim Kramer predicted a 35 percent growth of Ethereum in the future and said he “believes” in it. However, despite such an optimistic view of the cryptocurrency market and, in particular, Ethereum, the community is hesitating about Kramer’s bullish headlines.
The reason the crypto community is worried is based on Kramer’s posts shortly before Netflix shares lost 70%. In fact, some members of the bitcoin community have called Kramer’s calls the “Kramer curse.”
A call from Kramer is the last thing the altcoin market needs
According to Ethereum’s daily chart, the leading altcoin is struggling to recover and has been consolidating around local support for the past four days, which suggests that the purchasing power for ETH growth is low. According to data provided by Santiment, there is a significant correlation with the S&P 500 index. The price of ETH rose by 3% after the S&P 500 index statistics fell by 1.8%.
With the help of +1.8% of the day on the SP500, Ethereum rose above $2,930 due to its close correlation with stock markets.
As shown in the chart above, whales, the dominant buyers of ETH, reacted to the same surge by buying more ETH. The number of whale transactions exceeding $100,000 increased significantly during the day. In 4 hours, about 1,451 such transactions were recorded. The sanantiment claims that the spike indicates that key stakeholders are noticing a rise in prices. In addition, according to IntoTheBlock, 70% of ETH hodlers have achieved significant success. At the same time, the number of unique interactions in the ETH ecosystem has increased.
Former BitMEX CEO Arthur Hayes, unlike Kramer, raises a red flag given this relationship. Interestingly, the stock market seems poised for a major crash by 2022 as the Fed tightens monetary policy to combat inflation. According to analysts, this could have a bearish effect on the largest altcoin.