Ethereum - ETHUSD eyes the 1 000 USD price tag

Over the weekend, Ethereum broke below the lower bound of the rectangle pattern and passed right through our price targets towards a new low of 1176.70 USD. Despite ETHUSD going far below our price targets, we still maintain a bearish stance on it. As a result, we would like to set a price target for ETHUSD to 1000 USD.

Fundamental factors
During the current week, we expect the FOMC to impact ETHUSD negatively. That is due to higher interest rates and economic tightening. In addition, we also foresee the upcoming cryptocurrency market regulation as very detrimental to the sector.

Illustration 1.01

The picture shows a bearish breakout from the descending triangle.

Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is very bearish.

Illustration 1.02

A volume tells a story of increasing selling pressure; similarly, like in the case of BTCUSD.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is very bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Trade closed: target reached