Will Ethereum (ETH) break the long-term support of $1000?
Ethereum is the second largest cryptocurrency, and it has become even more popular after the merge upgrade because it runs on Proof of Stake consensus, which is energy-efficient and sustainable for the long term.
Ethereum has wide use cases, so ETH as an asset will provide long-term capital appreciation. Investors are closely watching Ethereum’s price even after the fall of the FTX liquidity crisis.
Most technical indicators are bearish, especially MACD, which reflects strong bearishness with red histograms. Ethereum candlesticks are forming in the lower BB, which suggests negative sentiment in the last few days. Ethereum received a strong volume in the last few days, especially when it broke the support, which shows that investors still believe in ETH. Another positive sign is that the ETH price is still trading above its yearly low.
In the short term, it has formed three lower highs at $2000, $1800, and $1600. We think investing is safe until it breaks the yearly low of $1000 for the short term. Ethereum may consolidate between $1400 and $1100. However, is it the right time to invest for the long term? Know the ETH predictions by clicking here!
On the weekly chart, Ethereum has formed four weekly red candles, trading in the lower Bollinger Bands. Most technical indicators are neutral that suggesting a consolidation for the short term.
Based on the long-term ETH price analysis, we think it is the right time to accumulate ETH crypto. If Ethereum breaks the support level, it will be long-term bearish, providing better opportunities to accumulate more ETH.
Indeed, the market is bearish, but if ETH changes the momentum, you can invest for the short term, but it will be bullish long-term when it breaks the resistance of $2100.
Many experts believe in investing in ETH because it has real-world use. Most spaces are highly competitive, and many blockchain protocols provide similar features.
Ethereum will be the lone survivor in competitive spaces because it is a time-tested solution than its competitors. Many altcoins have been launched in the market that provides better facilities to the users, but many of them may not survive in the next 20 years.
It is a time to reconsider your portfolio and focus more on blue-chip cryptos rather than risking hard-earned money in small and mid-cap altcoins.