New Lows in the Year Looming for Cryptocurrency Prince? – Ago FTX BankruptcyBad surprises keep popping up on the planet of crypto. So much so that we fear harmful repercussions even if the damage has already been done. And to drive the point home, the Ethereum price (ETH) She now finds herself at the center of the turmoil. In fact, we’ll see when it gets really hot about to crash. It makes you wonder if the prince of cryptocurrencies won’t imitate bitcoin soon through new lows of the year.
Recent technical analyzes have pointed to signals, which will not cheer the bulls up. with the feeling that ETH bear flow since its last ATH issuance in November 2021 can be highlighted by going back to 2018 benchmarks in terms of percentage decrease. Although we are not quite there yet, the scenario for a new wave of correction continues to swell. Especially since the drivers that made it possible to temporarily correct the prince of cryptocurrencies may not be enough.
In the face of the crisis of confidence that is hitting the entire crypto ecosystem hard, let’s take a closer look at what the weekly and daily Ethereum price charts have to offer us. But first, let’s talk about his power balance against the king of cryptocurrencies.
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ETH/BTC – Ethereum caught in the cycle of crypto bears
Since mid-June, Ethereum has been falling a bit against Bitcoin due to the huge rally in the ETH/BTC ratio. And with hindsight, it is not surprising that the former had such an ability to return quickly in connection with some resistance. Not to mention, we haven’t noticed any new ATLs at the time of writing.
But since the news of FTX’s collapse, we feel it The prince of cryptocurrencies may risk falling into the harsh reality of a crypto bear cycle. During this period Satoshi Nakomoto’s digital currency could have the last word as a market leader.
In case ETH/BTC breaks the support at 0.066, we will be back where we started from mid-June last year towards 0.055. with this time More difficult for Ethereum than Bitcoin.
Ethereum in Weekly Units – Towards a Fourth Consecutive Week of Decline?
Remember, in the middle of last August, Ethereum approached $2,000. From now on, he can hook up A series of four consecutive weeks of decline As prices stumbled again below the $1,700 resistance. Especially as we are approaching the $1,000 support, not far from the year lows. And not to do revolutionary business, the price situation of the prince of cryptocurrencies with respect to various curves ichimoku can deteriorate.
First, Kumo in the future sees his thickness getting thicker in this way The odds of initiating a positive trend reversal will become more complex Until 2023. Secondly, the beginning of the downward synchronization between Tenkan and Kijun may indicate that the resumption of the downtrend will only be a matter of time. And lately, you wouldn’t be surprised to find out The status quo of ETH and Chikou Span prices has been holding in the shadow of the Kumo (the cloud) for several months. I am afraid of a deep deadlock in this matter as long as the capitalist resistance is not overcome.
In any case, the return of Ethereum near the $1,000 support will be on the horizon. And if that exact moment happens quickly, serious things can begin. As for the bulls who took a hit behind the head, prices will have to extricate themselves beyond the $1,400 resistance to get out of this bad patch. But given the devastation of FTX’s bankruptcy, that scenario is unrealistic at this point.
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Ethereum in daily units – $1,000 on hand?
Despite wanting to give you good news, Ethereum has seen its momentum decline in daily units. On the one hand, prices and Chikou Span are lower than Kumo. On the other hand, Tenkan rejects the prices as the real problems for FTX started, more precisely on November 9th. And as nothing goes, The support at $1,200 has disappeared completely.
The average of the three unfavorable signals means that the bearish move could resume with greater force, much to the dismay of the bulls. In this hypothesis, $1,000 or year lows will come in handy for the bears. With the aim of spreading the new wave of correction in the future Towards the $700 or $450 support.
On the contrary, let’s not rule out the possibility of a file Rebound More than $1,000 or an immediate rebound without rallying to year lows. But on the other hand, the bulls will have to free themselves from Kumo and $1400 to consider the beginning of the exit from the crisis. Unless it is won in advance.
Although a lot can happen one way or the other, everything seems to converge Ethereum is close to $1,000. Not only do we see unfavorable price alignment and Chikou Span compared to Kumo, both in weekly and daily units. But the prince of cryptocurrencies will be on the brink of collapse to the point of bracing for a potential flood.
The bulls and bears will scrutinize $1,000 carefully. Because it is precisely this level, important and symbolic, that will determine the fate of Ethereum in the coming months. The breach will lead to a downtrend that will enter stages that may undermine investor sentiment. On the other hand, a retracement would serve to fend off the attacks of the bears initially, and fail to build up landmarks for a proper trend reversal. And as such, it would be a miracle given the recent news on the crypto planet.
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