Ethereum (ETH) – What to expect from the prince of cryptos for the end of 2022?


The prince of cryptos in suspended mode! – We believed that the price of Ethereum (ETH) was going to head towards its lows of the year. But in the end, he was able to raise his head a little. Nevertheless, this slight start raises questions. If the Genesis rescue rumor is behind it, I believe the bulls have nothing at hand to eradicate the prince of cryptos’ bear run since his last ATH in November 2021. that it turned out to be false, Binance not having had the will to play the firefighters on duty.

While the latest technical analysis shows ETH price stability in the weeks following the FTX bankruptcy, all of that remains fragile. To the point that the second digital currency on the market would be at the mercy of bears. And besides, from the middle of this week, many macroeconomic events that could impact the FED’s monetary policy, could well give us a hectic end to the year on the Ethereum front.

In a market context that does not breathe serenity on the cryptocurrency side, let’s see if Ethereum could give way definitively or not.

Ethereum in Weekly Units – Prices and Chikou Span Below the Kumo for 30 Straight Weeks!

A few weeks before the end of the year, the bears will sit on comfortable seats. Proof, Bitcoin and Chikou prices have been below the Kumo (Ichimoku Cloud) for 30 consecutive weeks or May 9th. Barring a miracle, these unfavorable technical signals will probably persist during the first months of 2023.

Especially since the significant thickness of future Kumo would not facilitate the quest to neutralize the bear market. And whether or not the prices cross the Tenkan, the Kijun and the descending line respectively, the bulls could stumble sooner or later on the cloud as was the case in 2019 after the digestion of the 2018 bear run.

On the other hand, the third failure under the resistance of $1700, would not encourage the bulls to put pressure on the bears. So much so that this coincides with a rejection below the descending line and the large bearish candle of the week of November 7th. In this sense, the hypothesis of a return towards the $1000 support would become possible. And assuming that the market context were to deteriorate seriously, we would see an Ethereum quotation in three digits. With priority targets that would be in the direction of the support of $700 and $450.

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Ethereum in daily units – Prices above the Tenkan but doubt reigns

If in the short term, Ethereum has managed to cross the Tenkan in daily units, there is nothing to jump to the ceiling. Because graphically, the situation remains complicated. First of all, Prince of Cryptos Prices and Chikou Span Lag Below Kumo since the bankruptcy of FTX. Second, $1200 is flipping into resistance mode as we speak. And lately, it would not be impossible to witness a relapse under the Tenkan.

By adding up these technical signals, I would be afraid that the bears would take everything in their path. Not because they would be satisfied with new lows for the year for a few tens of dollars. But concretely, they would be determined to validate a third wave of correction in the bear run of ETH since its last ATH in November 2021. Which would mean a prince of cryptos priced significantly lower from the $1000 support.

Conversely, holding prices on the Tenkan would favor a simultaneous rebound towards the Kijun and the resistance at $1400. Nevertheless, with the fear that the Kumo and the downline will be serious obstacles in the perspective of permanently stopping the bad dynamic caused by the setbacks of FTX.

In summary, when we observe lower highs and lows than previous ones like Ethereum this year, opposing a firmly established bear run would prove fruitless. Until we have technical signals and fundamental catalysts that can sow doubt in the bears, investors should not persist.

Not only that, the latest developments on the weekly chart would not argue for the beginning of a lull in the downside pressure. But the FED’s monetary tightening has an extremely negative influence on cryptocurrencies, which themselves are permeable to the lack of liquidity in the financial markets.

And let’s imagine that the FED casts a chill over a change in monetary policy, it would promise us a difficult end of the year for Ethereum (or cryptocurrencies at large). In which case, the prince of cryptos would still be at the mercy of the bears although a large part of his bear run since his last ATH in 2021 has already been consumed.

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