Ethereum - "FOMO" backfiring
On 15th August 2022, we proposed the idea of Ethereum being at the top of a bear market rally. Following our announcement, Ethereum erased more than 20% of its value within the following week. This move came as a blow to many market participants expecting the rally to continue toward the new ATH.
However, we have stressed for some time now that this would not be possible during 2022. Rather than that, we have said many times that the bear market would persist throughout the current year and likely during the next one.
Our assessment is based on fundamental and technical factors we explain below and in our previous ideas. Our price target for ETHUSD is 1 000 USD.
Illustration 1.01
Illustration 1.01 shows bearish breakouts that helped us to confirm our bearish thesis.
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
However, we have stressed for some time now that this would not be possible during 2022. Rather than that, we have said many times that the bear market would persist throughout the current year and likely during the next one.
Our assessment is based on fundamental and technical factors we explain below and in our previous ideas. Our price target for ETHUSD is 1 000 USD.
Illustration 1.01
Illustration 1.01 shows bearish breakouts that helped us to confirm our bearish thesis.
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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