{"id":48721,"date":"2022-06-15T12:30:30","date_gmt":"2022-06-15T10:30:30","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=48721"},"modified":"2022-06-15T12:30:30","modified_gmt":"2022-06-15T10:30:30","slug":"ethereum-drops-8-in-a-crash-eth-prices-may-retest-1k","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ethereum-drops-8-in-a-crash-eth-prices-may-retest-1k\/","title":{"rendered":"Ethereum Drops 8% in a Crash, ETH Prices May Retest $1k"},"content":{"rendered":"

The Ethereum<\/a> price demolition<\/strong> is in progress at press time. Even though bulls remain optimistic, ETH technical candlestick formation points to further weakness<\/strong>.<\/p>\n

<\/p>\n

In the last trading day alone, ETH is down, sinking a worrying eight percent versus the USDT.<\/strong><\/p>\n

The event of this week alone has seen prices crash below 2017 highs, and there are concerns that ETH may lose the $1k level.<\/strong><\/p>\n

This psychological mark may be the last frontier for ETH and is a closely watched reaction line in the immediate term. For bears, the momentum from early this week could be the hammer that will break determined bulls holding and rejecting bears.<\/p>\n

Mike Novogratz Calling in Bottoms for Ethereum (ETH)<\/h2>\n

In the mid of the sell-off, Mike Novogratz<\/strong> believes Ethereum would hold at $1k. During the Morgan Stanley Financials Conference<\/strong> on Monday, the billionaire investor remained bullish, saying the recent move down could be climactic for Ethereum.<\/p>\n

“Ethereum should hold around $1,000, which is $1,200 right now. Bitcoin is around $20,000, $21,000, and it is $23,000, so you are much closer to the bottom in crypto than you are where I think stocks are going to have another 15 to 20 percent decline<\/em>.”<\/p>\n

In his view, he is optimistic that prices are near the bottom.<\/strong> Still, he warned that it might not be wise for traders to deploy capital at this time, considering the FED’s monetary policy<\/strong> stance. Like other central banks, the U.S. FED plans to raise interest rates further to tame rising inflation, wreaking havoc on citizens, and forcing prices to record levels.<\/p>\n

Ethereum Technical Analysis<\/h2>\n

\"Ethereum<\/p>\n

From the daily chart, Ethereum prices are under immense selling pressure<\/strong>. In a bear breakout formation, sellers are in a commanding position.<\/p>\n

The massive sell-off of June 13 was confirmed on June 14. However, a Doji bar closing below the lower BB indicates possible undervaluation<\/strong>. Besides, there is a sharp rejection of lower prices, resulting in a long lower wick.<\/p>\n

While sellers may double down, liquidating on attempts higher, bulls should closely track the performance of the asset. If prices print higher today, above $1.3k<\/strong>, buyers stand a chance.<\/p>\n

On the other hand, sharp losses below yesterday’s lows in confirmation of early this week’s drawdown could see ETH tumble to $1k in a bear trend continuation pattern<\/strong>.<\/p>\n

Technical charts courtesy of\u00a0<\/em><\/strong>Trading View<\/em><\/strong><\/a><\/p>\n

Disclaimer:\u00a0<\/strong>Opinions expressed are not investment advice. Do your research<\/em>.<\/p>\n

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If you found this article interesting, here you can find more\u00a0Ethereum News<\/a><\/em><\/strong><\/p>\n<\/div>\n<\/div>\n

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The Ethereum price demolition is in progress at press time. Even though bulls remain optimistic, ETH technical candlestick formation points to further weakness.<\/p>\n","protected":false},"author":11,"featured_media":48733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,87],"tags":[4656,4677,4679,4930],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48721"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=48721"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/48733"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=48721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=48721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=48721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}