Ethereum (ETH/USD) hit its annual low of around $900 in June 2022. Technical indicators show that the cryptocurrency is testing this low. At the time of writing, ETH price was $1,085 with increasing bear momentum. Should the bearish trend continue, ETH could hit a new low this year.
Despite the ETH price weakness, Santiment data indicates that whales are still active on the cryptocurrency. On November 21, Ethereum whales fetched an additional 947,940 ETH tokens, worth approximately $1.03 billion. The amount is the fifth largest in one day this year. The increased whale activity indicates that major investors believe in the token’s likely turnaround. With a price of $1,000, the investors see a huge discount.
But ETH could fall further, and it could be more attractive to profit from it at a lower level. The picture is additionally supported by market sentiment, which shows that bets on lower prices have intensified recently. Accordingly, about 75% of the inflows into Ethereum and Bitcoin were short products. The question is, where is the likely new price?
ETH Price Outlook as Momentum Weakness at Support
ETH/USD chart by TradingView
On the weekly chart, ETH is trading in or near the support zone. While there is a chance for bulls to halt the decline below this level, momentum is weak. The MACD indicator is in the bear zone. The weekly candlestick broke just below an inside bar pattern, implying that the bears are in control.
What now for ETH?
With weak crypto sentiment and momentum, ETH price will likely continue lower to find support around $800. The level will be the lowest level to date since January 2021. It means the crypto winter will have wiped out the 2021 boom gains
Alternatively, ETH bulls may try to defend $900, the cryptocurrency’s June low. It will still be a toll order as overall sentiment remains weak and ETH is under a lot of pressure. The $900 level should be an area to watch in the coming days.
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