Towards a dramatic turning point in the bear run of the prince of cryptos! – It sometimes happens that things don’t turn out right, like Ethereum (ETH)) who drinks the chalice to the dregs. Indeed, the prince of cryptos has just bluntly pulverized the $1700 support. Although we could wonder about the timing of this dip taking place in the middle of the weekend, it is logically part of its bear run since its last ATH in November 2021.
In this regard, the latest technical analysis of ETH prices has buyers hanging their heads. Because the unfavorable technical signals already present are bogged down permanently. In such a way that we do not see how the situation could tip the fence on the right side. In this sense, the scenario towards the round figure of $1000, which was unimaginable a few months ago, could resurface at the speed of light.
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Ethereum in weekly units – Prices and Chikou Span deep below the Kumo
Since the beginning of the week is off to a bad start, Ethereum would have the bad inspiration to continue its black series which could reach eleven consecutive weeks of decline. But instead of dwelling on this sad historical record, it is the evolution of its prices since the last failure under the resistance of $ 3400 which worries with as a culmination, the break of its tidy or horizontal channel (orange rectangle). So much so that we have the feeling that nothing is stopping sellers graphically until proven otherwise.
Firstly, ETH prices and the Chikou Span continue to dig their graves under the Ichimoku cloud, aka the Kumo. Especially since they are not satisfied with the breakout of the $1700 support. Because very quickly that of $1400 is about to be compromised, and this despite a large gap in the fall between the current prices of ETH and the Tenkan, often synonymous with an excess on the downside. And on the other hand, the Tenkan and the Kijun continue their slide under the cloud and their respective resistances of $2300 and $2800.
To this are added a descending line since its last ATH and the future Kumo, which together would not facilitate a favorable trend reversal anytime soon. Thus, unable to quickly return to the $1400 support, all eyes would be on both symbolic and critical support from the last bull run.
ETH in daily units – $1000 support is approaching
As you can see on the daily chart, The Ethereum price drop follows a series of consecutive bearish candles, with a very marked acceleration from Saturday June 10th to Monday June 13th. However, last week, we believed that the prince of cryptos showed a desire to stabilize around the $1700 support. It is clear that this is no longer on the agenda.
Now, prices are at the levels that triggered its last bull run to date. And in a necessary bear run, I’m not afraid to say that the prince of cryptos could get closer to the $1000 support. Probably it would only be a matter of time, as the price position of ETH against the Ichimoku curves unfortunately militates towards this extremely pessimistic scenario, but justified for good reasons.
To make matters worse, the bearish development of future Kumo in daily units would suggest that the headwinds will persist in the event of a technical rebound. So much so that the Chikou Span could stay under the cloud for a long time.
All told, the Ethereum price bear run has taken a decisive turn. And like it or not, sellers can bury the last hopes of buyers at any time. Because by breaking the last supports so quickly, the coup de grace would seem imminent.
To avoid this, at least temporarily, buyers would need to wake up by regaining $1400 initially, then $1700. Otherwise, we risk seeing the outright break of the $1000 support, and therefore triple-digit ETH prices. Which would wipe out most of his last bull run.
Considering that the fate of the prince of cryptos largely depends on the fate of bitcoin, it would be imperative that the latter imperatively preserves its recent supports. Otherwise, beware of another more memorable romp than the current one. And entering a bearish cycle that could potentially persist, expectations of an altseason should be put away until further notice.
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