CNBC Host Jim Cramer Said Ethereum (ETH) Would Soar to $4,100, But Reality Has Had a Different Tale.
CNBC’s Mad Money host Jim Cramer once advocated for ETH, noting that the asset would breach $4K, but ETH is currently miles behind Cramer’s forecast.
Superstition has no place in the crypto world, as outcomes are backed by analyses and historical facts. Notwithstanding, the recently-discovered “Cramer Curse” has become massively popular amongst proponents on Crypto Twitter.
Jim Cramer who is renowned for his financial advice and investment takes, has recently been at the receiving end of incessant banter on Twitter. The 67-year-old TV personality who hosts CNBC’s Mad Money finance program has not had the best of luck, as the outcome of things appears to be the inverse of his predictions.
In April, Cramer, who was bullish on Ethereum then advised investors to add the asset to their portfolio. He forecasted a 35-40% rise for Ethereum from its price at the point.
Cramer’s prediction came on April 28 when Ethereum was consolidating between $2,900 and $3,000. His 40% rise forecast would put Ethereum a little above $4K, considering its price of $2,900 at the time.
On April 28th, Jim Cramer said #Ethereum would climb 40%.
Since then, it is down 52%. pic.twitter.com/65Tl7XtpAl
— unusual_whales (@unusual_whales) September 19, 2022
Following Cramer’s forecast, Ethereum has not revisited the $ 3,000 zone. Unluckily for the Mad Money host, his prediction came at a time when the bears were geared up to take control of the market. Ethereum slumped to shocking lows afterward, especially in June when the Crypto Winter was at its harshest.
Five months after Cramer’s bullish comments on Ethereum, the asset has plummeted by over 53% as it currently changes hands at $1,359 at the time of reporting. This is over 66% below his predicted price.
Ethereum’s recent slump followed the launch of the much-anticipated Merge. The event has not had as much positive effect on ETH as many hoped, partly due to the worrisome situations surrounding Ethereum’s switch to PoS.
Cramer has since then reviewed his outlook on Ethereum and the broader cryptocurrency market. On July 5, he swiped at cryptocurrencies, noting that digital assets have no real value.
“Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there,” Crammer remarked on a CNBC Squawk Box episode.
"Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There's no real value there," says @jimcramer on #crypto. "What an awful asset. NFTs sold to you. Made up." pic.twitter.com/09e5ST8q0N
— Squawk Box (@SquawkCNBC) July 5, 2022
At the time of Cramer’s bearish comments on crypto, the markets had been hit hard by the effects of mid-June and were struggling to recover. Ethereum was consolidating between $1K and $1.1K then. However, a relief rally from the crypto markets followed Cramer’s remark, with Ethereum surging by over 54% to $1,745 on July 31.
These coincidental occurrences have remained a topic of discourse on Crypto Twitter, as several proponents have sarcastically vowed to follow the opposite direction of Cramer’s investment advice. Despite this, the Mad Money host has not relented in his trade, as he remains vocal on his takes in the finance scene.