Ethereum (ETH/USD) set its yearly low of round $900 in June 2022. Technical indicators present that the cryptocurrency is continuing to check this low stage. As of press time, ETH price was $1,085 with growing bear momentum. Should the bearish pattern proceed, ETH might declare a new low within the 12 months.
Despite ETH price weak point, Santiment information signifies that whales are nonetheless lively on the cryptocurrency. On November 21, Ethereum whales scooped 947,940 extra ETH tokens, valued at round $1.03 billion. The quantity is the fifth largest on a single day this 12 months. The elevated whale exercise signifies the assumption that giant buyers have within the possible turnaround of the token. With a price of $1,000, the buyers see a large low cost.
But ETH might fall additional, and taking benefit of it at a decrease stage may very well be extra enticing. The view is moreover supported by market sentiment, which reveals bets on decrease costs have intensified just lately. Accordingly, round 75% of inflows into Ethereum and Bitcoin have been brief merchandise. The query is, the place is the possible new price?
ETH price outlook as momentum weak point at assist
ETH/USD Chart by TradingView
On the weekly chart, ETH trades at or close to the assist zone. While there’s a probability for bulls to arrest the decline below this stage, momentum is weak. The MACD indicator lies within the bear zone. The weekly candlestick simply broke below an inside-bar sample, implying that bears are in management.
What subsequent for ETH?
With weak crypto sentiment and momentum, ETH price will possible proceed decrease to seek out assist round $800. The stage might be its lowest up to now since January 2021. It implies that the crypto winter can have worn out the 2021 increase features
Alternatively, ETH bulls might attempt to defend $900, the cryptocurrency’s June low. It will nonetheless be a toll order as the final sentiment stays weak and ETH is beneath intense stress. The $900 stage can be an space to look at for the subsequent few days.
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