After the events favoring the bear market, we are now entering a rather quiet week. Indeed, according to the economic calendar, there will be no big moves in sight on Ethereum this week. Follow us in this analysis.
The week looks quiet for ether
Indeed, this crypto will potentially remain in range between $1170 and $1290. Indeed, the week of November 14 is quite calm compared to macroeconomic news. However, there is still the publication of the CPI in Canada. But this is a data that does not really affect the crypto market.
Then, our analysis last Friday also predicted a calm week on Ethereum. So, if this thesis is confirmed, we should expect… not much. Indeed, ETH had just made a distribution move last week, causing a 31% loss in value. If we follow the logic of this analysis, it is the phase which precedes the accumulation phase. This is a phase where whales accumulate their orders below or above a key level. The H1 chart captured below is just a zoomed in image capture from the Friday article. We see that the price has respected the range of $1170 and $1290, expected to contain the range this week. However, the price may move slightly out of this zone, as there is no absoluteness in crypto trading.
What’s next?
No major data from the Fed is on the economic calendar. Therefore, there might not be any sudden moves this week for Ethereum. However, some people fear that the fate of Crypto.com will follow that of FTX. If this happens, we should expect a further drop from Ethereum. Let’s hope that’s not the case. Otherwise, we could see the eternal second, again in three figures.
On the other hand, if the price of ether follows the logic of the previous article, we should consider a slight increase next week. However, this will not be the long-awaited bull-run, just a manipulative move trapping the bulls. This rise will potentially drive the price towards $1400. Then the ensuing drop will bring ETH close to the psychological level of $1000.
While the crypto industry is currently undergoing a terrible situation, bitcoin seems to be holding its own. Ethereum, on the other hand, has been trying to keep up with the king for the past few weeks. In any case, the winter is likely to be long.
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