Ethereum fell again on Wednesday as the market is now threatening the $1100 level again. At this point, I would anticipate that Ethereum should go down to the $1000 level where it will look for more support, an area that should be crucial. If the market were to break down below that level, then it opens up the floodgates. At this point, I believe it is probably only a matter of time before we see the market break through the $1000 level, because there’s no reason to think that the crypto markets are suddenly going to turn around. After all, the risk appetite of investors has been crushed due to tightening monetary policy and a concern about a global recession. In that environment, it’s very unlikely that crypto will do very well. Ethereum also has a few particular issues, not the least of which would be the fact that the rollout of the upgrade seems to be taking forever.
