By ETH/USD Forecast: Falls with the USD Strength on Tuesday – 14 September 2022
Ethereum could get absolutely hammered, sending it down to $400.
It may not matter though. Because risk appetite is being eviscerated as I speak, with the US dollar rally based upon CPI numbers coming out at twice the rate anticipated. This of course is a situation where you would have a lot of concerns, and therefore people will be dumping anything related to a “risk on rally.” With that being the case, Ethereum has nowhere to go but down, and the fact that we have sliced through the 50-Day EMA again shows that the recent rally is probably not long for this world.
Breaking below the $1500 level will be the next milestone, opening the possibility of a move down to the $1200 level. At the $1200 level, we have a major area of interest that extends down to $900. If we eventually break through that area, Ethereum could get absolutely hammered, sending it down to $400.
I don’t say this as a prophet of doom, I say this as a technical analyst and somebody who is very aware of the fundamental situation with the global economic system. However, what I will be doing if we do in fact break down that drastically is buying as much Ethereum as I possibly can, therefore building up a huge position. I feel the same way about Bitcoin, that they are not going to zero, but they are going to see a massive correction yet again. Eventually, this is going to turn into a “buy-and-hold” type of situation, but we are nowhere near that now therefore I think you need to simply look for signs of stability longer term. Short-term, it’s going to be easier to short this market than by it.
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