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As time goes on, it becomes certain that the bear market will continue. Recovery seemed to start in he June and he in July, but the elephant in the room remains macro uncertainty.
as a result, ethereum (ETH/USD) tapped $2,000 in August, doubling from July lows and trending upwards. However, profits have been shattered and ETH is trading at just $1262. When will the cryptocurrency bear market end?
Galaxy Digital CEO Mike Novogratz has taken this issue seriously. According to him, Ethereum and other altcoins will rely on innovation to get out of the bear market. He also says that to some extent the macro conditions will determine. But for Bitcoin, the CEO says macro conditions are number one.
Novogratz’s comments come at a time when all markets are under pressure. Red rot inflation and a tightening economy are the main culprits. Macro factors dominate in bear markets. Our assessment determines the medium-term market recovery for all cryptocurrencies. Nevertheless, as Novogratz points out, DeFi and his innovations around NFTs will determine the long-term growth and recovery of Ethereum and altcoins.
Aside from the fundamentals, ETH looks stable around $1250. But buyers lack the power to take cryptocurrencies to the next level.
Source TradingView
Technically, ETH is trading at $1276, just above the $1250 support. This shows the cryptocurrency’s stability, but buyers have failed to appreciate it.
Turning to the RSI, the reading is below the midpoint but not in oversold territory. This number suggests that the bears are also active against Ethereum at the current levels.
ethereum price Directionless movement. The price action suggests a strong will by the bull to hold his ETH high, but macro uncertainty is weighing on the token. We recommend buying and holding ETH for long-term profit only.
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