This week, Whitebit users voted to analyze the ETHUSDT trading pair
Let’s take a look at the chart on the weekly time frame to fully see and comprehend the power of the fall.
As you can see, it is now 11 weeks of uncorrected decline, which reduced the cost of ETH by 71%, and from the high price of ETHUSDT, which was recorded in November 2021, the cost decreased by -79%
It can be said that this is the most brutal fall for market participants in the entire period of ETHUSD trading. Because in 2020 although the fall was the same in magnitude, but it lasted only three weeks and did not exhaust the participants for 11 weeks, even without the slightest hope of a rebound.
In 2018, when the cryptowinter lasted a whole year, the global decline was stronger, but also more loyal, there were rebounds that allowed to get out of the longs.
As of June 15, 2022, the price of ETHUSDT has entered the liquid zone of the High of late 2017-early 2018 = $1000-1250
If sellers will push more down, market panic and massive margin calls. The price breaks below this liquidity zone, the sharp drop can be up to $600. Just in case, put a pending purchase order there, if it works – it will be a nice bonus.
Safe purchase of Ethereum in the current situation, in our opinion, is possible only when the price of Ether can be confidently fixed above $1250. In this case, we can expect growth to $2000 and this will be a positive result.