ETHUSD OUTLOOK, 2022-2023, is Ethereum following the leader?
Greetings community
I have illustrated my outlook on ETH/USD, which to me seems to be corrective, and headed to complete it's cycle to the downside, in addition fundamental's seem to be hand in hand with these technical's as of current.
The chart clearly indicates direction and predictable behavior of the asset, with price trading just under $1700, it is merely a matter of whether we'd decline immediately or touch $2000 prior to the anticipated plummet to bottoming out.
Ethereum now trades 77% below its $4,951-record high, but some tokens are down 90% from their 2021 peak levels. Concerns about the Federal Reserve’s hawkish policy to tame inflation has stoked these sell-offs, hurting parts of traditional stock markets in tandem. In detail, the U.S. central bank plans to hike benchmark rates in 2023, which may leave investors with lesser liquidity to buy riskier assets like BTC and ETH. Additionally, forced selling and liquidity troubles led by the so-called decentralized finance, or DeFi, sector have added downside pressure on the crypto market, thus limiting Ether’s prospects of continuing its recovery rally moving forward.
Notes:
-ETH 2.0 delays, anticipated for 2023
-Stocks & Crypto's are somewhat in-sync to current financial conditions
-Recession rumors
-Interest & inflation
I would personally enter long positions closer to Q4 2022 leading into Q1 2023 across all assets, while many will be suffering from FOMO, we need to accept that this certainly does seem like the calm before the storm, given the economic state of the US. For me, as a swing trader, it's always beneficial to purchase anything, whether margin trading or simply holding, at the best possible price, especially when you're in it for the long haul and have immense fundamentals tipping the scale. Fingers crossed for Ethereum to fall beneath $1000, and potentially halve from there.
I would anticipate for ETH and BTC to bottom out simultaneously, as title states, is Ethereum following the leader?
I have illustrated my outlook on ETH/USD, which to me seems to be corrective, and headed to complete it's cycle to the downside, in addition fundamental's seem to be hand in hand with these technical's as of current.
The chart clearly indicates direction and predictable behavior of the asset, with price trading just under $1700, it is merely a matter of whether we'd decline immediately or touch $2000 prior to the anticipated plummet to bottoming out.
Ethereum now trades 77% below its $4,951-record high, but some tokens are down 90% from their 2021 peak levels. Concerns about the Federal Reserve’s hawkish policy to tame inflation has stoked these sell-offs, hurting parts of traditional stock markets in tandem. In detail, the U.S. central bank plans to hike benchmark rates in 2023, which may leave investors with lesser liquidity to buy riskier assets like BTC and ETH. Additionally, forced selling and liquidity troubles led by the so-called decentralized finance, or DeFi, sector have added downside pressure on the crypto market, thus limiting Ether’s prospects of continuing its recovery rally moving forward.
Notes:
-ETH 2.0 delays, anticipated for 2023
-Stocks & Crypto's are somewhat in-sync to current financial conditions
-Recession rumors
-Interest & inflation
I would personally enter long positions closer to Q4 2022 leading into Q1 2023 across all assets, while many will be suffering from FOMO, we need to accept that this certainly does seem like the calm before the storm, given the economic state of the US. For me, as a swing trader, it's always beneficial to purchase anything, whether margin trading or simply holding, at the best possible price, especially when you're in it for the long haul and have immense fundamentals tipping the scale. Fingers crossed for Ethereum to fall beneath $1000, and potentially halve from there.
I would anticipate for ETH and BTC to bottom out simultaneously, as title states, is Ethereum following the leader?
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