The cryptocurrency market has been struggling with bearish sentiments around most of its assets in the aftermath of the FTX collapse. This includes Ethereum (ETH), which has fallen back below the $1,100 level. However, the cryptocurrency community appears to be bullish on the asset’s future despite the market’s current situation.
Notably, the total votes cast by CoinMarketCap members using the platform’s Price Estimate feature reveal that the crypto community project that Ethereum could trade at an average price of $1,508 on December 31, 2022, according to data retrieved by Finbold on November 21.
In particular, the forecast results from the 1,450 votes that had been cast on the platform as of the time of publication and indicate a predicted rise in the price of the decentralized finance (DeFi) asset by $385 or +34.26% compared to its current price.
ETH technical analysis
Elsewhere, Ethereum’s technical analysis (TA) indicators are heavily in the ‘sell’ zone, with its weekly summary pointing to a ‘sell’ sentiment at 14, similar to the moving averages (MA), which suggest a ‘strong sell’ at 14.
Meanwhile, the oscillators are more positive, indicating a ‘buy’ sentiment at 2, while the majority (9) occupy the ‘neutral’ zone, according to the data obtained from the market analytics platform TradingView on November 21.
Ethereum chart and analysis
Currently, ETH is trading at $1,333, down 3.23% in the last 24 hours and a further 11.02% across the previous week, with a total market worth of $138 billion.
Based on the recent price action, pseudonymous crypto trading expert IamCryptoWolf noted intense sell pressure on the world’s second-largest crypto:
“Strong selling pressure on the $ETH chart, ready to deploy more capital @ $ 1047-1073”
What’s more, what could impact the Ethereum price to drop further is the news that surfaced that the FTX “hacker” converted an additional 15,000 ETH worth $16 million into Bitcoin, according to on-chain data from Etherscan.
Crypto journalist Colin Wu reported:
The FTX hacker address (0x59…d32b) is converting a large amount of ETH into BTC. Today, about 30,000 ETH has been exchanged into RenBTC, and 1070 BTC has been transferred to the BTC network.
Interest in ETH wanes
Over the last several weeks, Ethereum’s performance has been much worse than that of Bitcoin. According to the opinions of a number of specialists, the latest market sell-off may be enough to push the price of ETH below $1,000.
Futures contracts in ETH traded on the Chicago Mercantile Exchange (CME) have also dropped precipitously to their lowest levels since October. Investors’ interest is waning, so a likely leg lower is on the cards until the discount is significant enough for traders to scoop up the price action by the end of the week (November 25).
Futures, which are usually traded by institutions and traders with greater expertise, reveal that interest is waning, and it’s likely that large whales are waiting for a solid entry position of around $1,000 before entering the fray.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.