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ethereum (ETH/USD) set an annual low of around $900 in June 2022. Technical indicators show that the cryptocurrency is testing this low. At press time, ETH is priced at $1,085, showing increasing bearish momentum. If the bearish trend continues, ETH could hit a new low for the year.
Despite the low price of ETH, Santiment data shows that whales are still active in cryptocurrencies. On November 21st, the Ethereum whale scooped another 947,940 of his ETH tokens. That amount is the fifth highest in a single day this year. The increase in whale activity shows that large investors believe in the token’s upside potential. At a price of $1,000, investors see a significant discount.
However, ETH could fall further, making it more attractive to take advantage of it at lower levels. It shows that the bet on price is intensifying. Therefore, about 75% of the inflows into Ethereum and Bitcoin were short commodities. The question is, where is the new price likely?
On the weekly chart, ETH is trading at or near the support zone. There is a chance for the bulls to stop the drop below this level, but the momentum is weak. The MACD indicator is in the bear zone.
With weak cipher emotions and momentum, ethereum price It is likely to fall to find support around $800. This means that the crypto winter has wiped out his 2021 booming rise.
Alternatively, Ethereum bulls may try to defend the cryptocurrency’s June lows of $900. With general sentiment still weak and ETH under intense pressure, it will remain a tough order. The $900 level is an area to watch over the next few days.
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