In August 2022, we stated a bullish narrative regarding Ethereum's “merge” is absolute nonsense that will be proved wrong as time progresses. Then over the coming weeks, we also expressed our worries about the FED meeting in September 2022. Indeed, just hours before the FOMC, we speculated that Ethereum could have experienced a short-lived bounce, followed by a sharp drop. Our assessment proved to be correct, and Ethereum bounced up after the FED decision and then fell with the rest of the market. Because of that, combined with fundamental and technical factors, we continue to be bearish on Ethereum. Accordingly, we stick to our price targets of 1000 USD and 900 USD.
Illustration 1.01
Illustration 1.01 shows simple support/resistance levels for ETHUSD.
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.
Illustration 1.01
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.
