The market sentiment on Web3, DeFi and Ethereum I believe is overly optimistic.
I believe that slower and lower growth expectations have not been priced in yet.
Recent FTX revelations have dampened investor's sentiment further.
Next year we'll likely see economic recessions around the world.
Given no clear catalyst to the upside, I expect prices to continue to fall until market sentiment bottoms.
The next few months will likely present good buying opportunities for those looking to gain long-term exposure to ETH and Web3.
Technicals:
Ethereum has bounced down after hitting the 200 Daily MA.
Support at $880 and $490.
I believe that slower and lower growth expectations have not been priced in yet.
Recent FTX revelations have dampened investor's sentiment further.
Next year we'll likely see economic recessions around the world.
Given no clear catalyst to the upside, I expect prices to continue to fall until market sentiment bottoms.
The next few months will likely present good buying opportunities for those looking to gain long-term exposure to ETH and Web3.
Technicals:
Ethereum has bounced down after hitting the 200 Daily MA.
Support at $880 and $490.
Trade closed: stop reached:
Looks like we're headed for sideway action for a while.
