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Ethereum (ETH) – The Prince of Crypto on the Verge of a Nervous Breakdown?

New lows of the year in sight for the crypto prince? – Since FTX’s bankruptcy, there have been bad surprises on the crypto planet. To the point that we fear harmful consequences, even though the damage has already been done. And to drive the point home, the price of Ethereum (ETH) is now at the heart of the turmoil. We will actually see when it is hot that it is about to break. It makes you wonder if the crypto prince won’t soon mimic Bitcoin through the year’s new lows.

The latest technical analyzes have pointed to signals that would not in themselves please the bulls. With the feeling that ETH’s bear run since its last ATH in November 2021 could be accentuated by a return to 2018 standards in relation to percentage decline. Although we are not there yet, the scenario of a new wave of correction continues to swell. Especially since the engines that had made it possible to temporarily fix the crypto prince may no longer be enough.

In light of a crisis of confidence hitting the entire crypto ecosystem hard, let’s take a closer look at what the weekly and daily Ethereum price charts would offer us. But first, let’s talk about his balance of power against the king of the cryptos.

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ETH/BTC – Ethereum caught up in the crypto bear cycle

Since mid-June, Ethereum has gotten off lightly against Bitcoin due to the increase in the ETH/BTC ratio. And in retrospect, it’s not surprising that the first one had this ability to quickly get back into contact with certain oppositions. Not to mention that we haven’t observed any new ATLs at the time of writing.

But since the news of FTX’s collapse, we want to the crypto prince would risk being caught up in the harsh reality of the crypto bear cycle. Where Satoshi Nakomoto’s digital currency could have the last word as the market leader.

In the event that ETH/BTC breaks through the 0.066 support, we will be back to where we started from mid-June last year at 0.055. With this time a more struggling Ethereum than Bitcoin.

Ethereum in weekly units – Heading for a fourth straight week of decline?

Remember, in mid-August last year, Ethereum had come close to $2000. From now on he could chain a streak of four consecutive weeks of decline since prices once again faltered below the $1700 resistance. Especially as we get closer to the $1000 support, not far from the lows of the year. And not to do the business of the bulls, the price situation of the crypto prince compared to the various curves of the Ichimoku can worsen.

Ethereum Price Analysis in Weekly Units - November 22, 2022

First, the Kumo of the future sees its thickness increase in such a way that the prospects for the start of a favorable trend reversal would become more complicated well into 2023. Second, the onset of bearish synchronization between Tenkan and Kijun would potentially signal that the resumption of the bear run would only be a matter of time. And lately, you won’t be surprised to learn that the status quo of ETH and Chikou Span prices under the Kumo (cloud) has persisted for many months. And I fear a deep stalemate on this subject as long as the resistance of capital will not be overcome.

In any case, a return of Ethereum near the $1000 support would be in sight. And if that precise moment happens quickly, serious things can begin. As for the bulls that have taken a hit behind the head, prices would need to break above the $1400 resistance to get out of this bad patch. But given the scale of the devastation of FTX’s bankruptcy, that scenario is unrealistic at this point.

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Ethereum in daily units – $1000 within reach?

Despite the desire to bring you good news, Ethereum has seen its momentum deteriorate in daily units. On the one hand, prices and Chikou Span are below Kumo. On the other hand, Tenkan rejects the prices where the real problems with FTX had started, specifically on November 9th. And when nothing works, the $1200 support has given way for good.

Ethereum Price Analysis in Daily Units - November 22, 2022

The average of the three unfavorable signals means that the downward movement could resume even more strongly, much to the chagrin of the bulls. In this hypothesis, $1000 or lows for the year would be within reach in favor of the bears. With the goal that the future new wave of correction would potentially spread against the support of $700 or why not the support of $450.

Conversely, let’s not rule out the possibility of a return to $1000 or an immediate recovery without hitting the lows of the year. But on the other hand, the bulls will have to free themselves from the Kumo and $1400 to consider the beginning of an exit from the crisis. What is not won in advance.

Although much can happen one way or the other, everything seems to be converging towards an approximation of Ethereum to $1000. Not only do we see an unfavorable alignment of prices and the Chikou spread compared to the Kumo, whether in weekly or daily units. But the crypto prince would be on the verge of breaking to the point of preparing for a possible deluge.

The bulls and bears would closely examine the $1000. Because this very level, both important and symbolic, would seal Ethereum’s fate in the coming months. The breakout would result in a bear run that would enter phases that could undermine investor sentiment. On the other hand, a pullback would serve to fend off the bears’ onslaught initially, failing to build the milestones for a favorable trend reversal. And as such, it would be a miracle considering the latest news on the crypto planet.

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