Ethereum has been hit hard by this endless bear market, wrapping up Q2 deep in negative territory. This is its third straight quarter of losses, a first in its history that shows just how stubborn the downturn remains. 🖤
Analysts think bulls could face even more hurt soon, with some eyeing a drop all the way to $1,000.
The bears tighten their grip 🌙
ETH last peaked near $5,000 back in August, but it has slid ever since and now sits around $1,560. That is a 70% drop from the top. Weak conditions and July’s shaky track record point to more downside, as the asset has closed red in six of the past ten Julys.
Ted on X noted ETH has held up better than BTC lately yet warned it is not safe yet, especially if it cannot reclaim $1,700. https://x.com/TedPillows/status/2072241296714903908
Crypto with Haris pushed back on wild $1,000 calls, saying ETH already took heavy damage and is basing around $1,500-$1,600, so realistic lows sit nearer $1,200-$1,300 even in a flush. https://x.com/Crypto__Haris/status/2072257247980277902
Whales are adding pressure too, offloading nearly $900 million in ETH last week while one big holder dumped 2,500 coins at a $4.33 million loss.
Bright spots in the gloom 👁️
Exchange reserves hover near their ten-year low from June, which keeps selling pressure light.
Its RSI lingers near 30, deep in oversold territory that often precedes rebounds.
Just another echo from the void by iconofsin.eth 💖
