Oh, boi. ETH might be dropping to $420 in the coming weeks. Bad news or buying opportunity?
These events have coincided with a massive capital withdrawal from Ethereum's blockchain ecosystem. The total value locked unwind occurred in two parts. First, Ethereum's TVL across DeFi projects fell by $94 billion after theEthereum total value locked in DeFi. Source: Glassnode
"The deleveraging event that is underway is observably painful, and is akin to a form of mini-financial crisis,"CheckMate and CryptoVizArt, a pair of analysts at Glassnode, an on-chain analytics platform, adding: "However, with this pain comes the opportunity to flush excessive out leverage, and allow for a healthier rebuild on the other side."Fed's hawkish policies and the ongoing DeFi market implosion suggest extended bearish moves in the Ether market.
From a technical perspective, ETH's price must regain $1,000 as its psychological support, which, if broken to the downside, could have the token eye the $830 as its next target. The same level served as resistance in February 2018, which preceded a 90% decline to around $80 in December 2018., ETH/USD can fall to as low as $420 if Ether's correction turns out to be anything like its 2018 bear cycle when the drawdown reached over 90%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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