Ethereum, similarly to Bitcoin, enjoys a temporary relief. However, we remain bearish as fundamental and technical factors do not force us to reassess our views. For the short-term, however, we would not be surprised to see a bit more upside as we expect many market participants to forecast the bottom and hunt for a bargain. Despite that, we think the bounce in price will be short-lived like on previous occasions. Accordingly, we stick to our 1 000 USD and 900 USD price targets.
Illustration 1.01 Illustration 1.01 shows the short-term setup for ETHUSD.
Technical analysis - daily time frame RSI is bullish. MACD is slightly bullish but stays in bearish territory. DM+ and DM- are bullish. Overall, the daily time frame is slightly bullish; however, the trend is weak.
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.
The current environment for cryptocurrencies remains very hostile. The Fed's rapid rate hikes are draining liquidity from the markets and significantly reducing the amount of investment by retail investors, which is a key driver for cryptocurrencies. Investors continue to flee into cash, preferably into the USD, which will massively weigh on all riskier asset classes, especially cryptocurrencies. ETH is just going through the map your were drawing for it.
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@AngelaCat, I appreciate that you shared your opinion. Thanks for the feedback.
Agree with your idea. Powell will also do a speech today within hours. Depending on what he says, market might go down again. I'm still bearish with the current macroeconomy condition, but range trading is still very doable.