The post Attention Traders! Here is the Macro-Bottom Formed for the Ethereum (ETH) Price! appeared first on Coinpedia Fintech News
The fresh bearish wave has slashed the crypto asset’s value by approximately 5% to 6% as the market cap plunges below $800 billion. The Ethereum price which is just above $1000 is believed to drop to a 3-digit figure in the next few hours. Once the ETH price drops below the pivotal support at around $1029, then a bearish pullback may drag the price lower towards the initial target at $700 by the end of the monthly trade.
The price is expected to form constant lower highs & lows and eventually trade within bearish captivity that may continue in the first few months of 2023. A popular analyst and influencer, Justin Bennett believes the macro bottom for the ETH price rally could be assumed around $300 to $400.
$ETH macro bottom is $300-$400, IMO.
Key horizontal level + multi-year ascending channel support + golden pocket of the March 2020 – ATH range. #Ethereum pic.twitter.com/Fpt5iDZ0h9
— Justin Bennett (@JustinBennettFX) November 21, 2022
The analyst considers the multi-year ascending support trend line and the key horizontal levels. Each time, the ETH price tests these levels, tends to reverse its trend. If the price continues to drop and drops with the same intensity as the previous bear market, then the bottoms could be found around $300 to $400.
He also specifies that this is the first crypto bear market where the FED is not printing among the other headwinds.
Furthermore, as the economic headwinds worsen, a strong horizontal support line is essential more than a trend line. Hence a bounce at $350-$450 may be expected that ultimately depends on equities. If the year 2023 is sour for them, more bottom for the Ethereum(ETH) price may be expected. Undoubtedly, the tokenomics have changed largely but the mounting fear may eventually be commanding.
