Ethereum (ETH/USD) set its yearly low of around $900 in June 2022. Technical indicators show that the cryptocurrency is proceeding to test this low level. As of press time, ETH price was $1,085 with increasing bear momentum. Should the bearish trend continue, ETH could claim a new low in the year.
Despite ETH price weakness, Santiment data indicates that whales are still active on the cryptocurrency. On November 21, Ethereum whales scooped 947,940 more ETH tokens, valued at around $1.03 billion. The amount is the fifth largest on a single day this year. The increased whale activity indicates the belief that large investors have in the likely turnaround of the token. With a price of $1,000, the investors see a massive discount.
But ETH could fall further, and taking advantage of it at a lower level could be more attractive. The view is additionally supported by market sentiment, which shows bets on lower prices have intensified recently. Accordingly, around 75% of inflows into Ethereum and Bitcoin have been short products. The question is, where is the likely new price?
ETH price outlook as momentum weakness at support
On the weekly chart, ETH trades at or near the support zone. While there is a chance for bulls to arrest the decline below this level, momentum is weak. The MACD indicator lies in the bear zone. The weekly candlestick just broke below an inside-bar pattern, implying that bears are in control.
What next for ETH?
With weak crypto sentiment and momentum, ETH price will likely proceed lower to find support around $800. The level will be its lowest so far since January 2021. It means that the crypto winter will have wiped out the 2021 boom gains
Alternatively, ETH bulls may try to defend $900, the cryptocurrency’s June low. It will still be a toll order as the general sentiment remains weak and ETH is under intense pressure. The $900 level would be an area to watch for the next few days.
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