Ethereum is down 30% month-on-month after such a drop in May, and the price action suggests there could be more pain towards the end of the year.
The top of the bearish head and shoulders target is measured near the $1,000 area, which is also the 2018 peak. According to Bloomberg, immediate support is at $1,300, extending from the $913 to $1,042 area, where two so-called long-legged Doji weekly candles are forming.
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cryptocurrency prices This year is in a recession as the Federal Reserve withdrew stimulus and raised rates to combat inflation.
“Ethereum has corrected over 20% over the past week, with Ethereum down more than 11% against Bitcoin in the same period as Bitcoin dominance broke above 48% for the first time in almost a year. ETH- The daily chart for BTC broke below a descending channel pattern and declined below its previous support of 0.055. The next support for ETH-BTC is expected at the 0.038 level,” said the trading desk of WazirX.
(with inputs from Bloomberg)