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Will ETH Fall Below $1,000 and Should You Buy If it Does?

Games & Play-to-Earn

Will ETH Fall Below $1,000 and Should You Buy If it Does?

Ethereum price prediction chart

With a struggling wider crypto market and at least one major whale making moves to sell, investors are keeping a close eye on ETH’s price and whether it could potentially drop below the important psychological support level of $1,000 in the near term.

ETH has so far fallen 75% from its all-time-high of $4,811 this time last year, with a fresh bearish dive of 3.66% today, Nov. 28, and is currently trading at $1171 with a market capitalization of $143,442,287,039 and a trading volume of $7,633,680,709, up 80% in the past 24 hours.

As with many cryptocurrencies, Ethereum has seen significant volatility over the past few months and a drop below $1,000 would not be surprising or unprecedented.

Ethereum Price Prediction and Technical Analysis

The recent hidden bearish divergence pattern on the weekly time frame suggests that ETH could continue to trend downward and potentially fall below the $1,150, or even the $1,000 support level if the greater bearish market trend continues.

In short, the odds are likely to favor the bears as current price actions and leading indicators such as MACD and RSI suggest strong bearish sentiments. However, there is also strong support at the $1,150 level and even stronger support at $1,000, so a move below this level is certainly not gaurunteed unless there is a black swan catalyst such as a larger risk asset market selloff.

Ethereum Fundamental Analysis and Macroeconomic Factors

Historically, Ethereum has seen declines like its present downward trend in previous years, such as in 2018 when its price shot up to $1,400 and then plummeted to $80 in the ensuing months. The price of ETH then recovered and hit new all-time highs a few years later.

It is also important to consider the fundamental factors that can affect Ethereum’s price, including the FTX fallout that includes ongoing news such as the bankruptcy of lender BlockFi, and the struggles of DCG and its subsidiaries.

Given that the crypto market has been closely tied to the stock market, it’s also important to consider the stock market’s outlook, which is currently facing strong headwinds including market pressure from a recession and high inflation. Other factors such as regulatory news related to Ethereum should also be considered, including the possibility that Ethereum could be considered a security by the SEC in the future.

Alternatives to Ethereum for the Bear Market

Given the potential for Ethereum to fall below an important support in the near term, making it hard to predict how low it may go, investors may want to include lower market cap ERC-20 tokens in their portfolios to diversify into projects that may have more potential upside.

Projects with strong fundamentals that have raised significant funds already in their presales should be considered such as Calvaria (RIA), Dash 2 Trade (D2T), and RobotEra (TARO).

Calvaria (RIA)

Calvaria is a play-to-earn game that allows players to use in-game NFT cards to battle against each other. The RIA token serves as the utility token for the blockchain gaming platform and can be used by players to make in-game purchases as well as stake for passive income. Currently, the presale is in stage 5, its final stage, and has raised $2.1 million and only 30% of tokens left.

Visit Calvaria’s Presale Now

Dash 2 Trade (D2T)

Dash 2 Trade is an up-and-coming trade intelligence platform that offers real-time social trading analytics for informed decision-making.

So far, the project has raised $7.3 million and looks to launch on the BitMart and LBANK Exchange around the first quarter of 2023.

Visit Dash 2 Trade’s Presale Now

RobotEra (TARO)

RobotEra is a Metaverse platform following the popular Sandbox paradigm that’ll also launch in the first quarter of 2023. TARO is also a play-to-earn type ecosystem that allows players to create virtual worlds, buildings, and lands.

At a low and competitive price, 1 TARO sells for 0.020 USD at the time of this report, with a strong likelihood of increasing at its second presale, to launch soon.

Visit RobotEra’s Presale Now

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Kim Cardanoshian

Journalist. I am interested in Games, GameFi, Play-to-Earn, Money and Entertainment

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