Cryptocurrency prices are still low and the bears are clearly in control of the market. This also applies to the most valuable altcoin by market cap. At the time of publication, the price of Ethereum was about 1,230 dollars and therefore about 75 percent below the record values of last year.
Despite these low prices, buyers remain cautious. The fear of the next correction is great. Especially in the crypto market, where there is still great uncertainty after the crash of the crypto exchange FTX.
However, a well-known quote from the legendary investor Warren Buffett says that you should be greedy when others are afraid. So now is the best time to buy Ethereum?
Here is a zoomed out cyclical version of it #ETH
After a similar distribution in 2018, the price entered a continuous downward trend and fell 94%. Right now, it’s down like 80% and IMO the bottom isn’t in yet.
I think it can revisit the $500-$700 range. pic.twitter.com/tCUBzKOv3S
— Bitcoin Bull (💙,🧡) (@CryptoYoddha) November 25, 2022
Bloomberg Analyst: No V-shaped rally expected
Bloomberg information analyst Mike McGlone recently offered his take on the end of the bear market for Stansberry Research. He clarified that most cryptocurrencies have already experienced a correction of up to 80 percent and one should not be too honest in light of these reductions. Therefore, McGlone believes that we are in the last round of the bear market.
However, he emphasized that recovery will not be easy and a V-shaped rally to the bottom like the bulls are hoping for is unlikely. Instead, McGlone expects the market to be as difficult as possible for investors and for many people to lose a lot of money.
It must be taken into account that this is not a normal crypto winter like every other bear market before, but this time it is a different situation. Almost all assets are being corrected, with the exception of items that are becoming more expensive. As long as this does not change, he believes that the US Federal Reserve Bank will be forced to take further tough measures and proceed with interest rate hikes.
Ethereum at $1,000 a good buy?
In another interview for the YouTube series “The deep diveMcGlone also assessed where the bottom for Bitcoin and Ethereum might be.
The analyst said that although Bitcoin has already fallen very hard, there is still more downside potential. However, that doesn’t mean that Bitcoin doesn’t have a lot of additional potential in a bigger picture. In the short term, however, McGlone thinks that Bitcoin may only bottom out between $10,000 and $12,000.
His prediction on Ethereum is that the $1,000 area could be a very strong support for ETH. In his opinion, this could be a good time to buy Ethereum. He emphasized the strength of Ethereum, because despite the major correction, the price is still 12 times as high as the end of 2019.
Chart signs give hope for the upcoming bottom
Other analysts now see very good buying opportunities for the future. Therefore, the analyst using the pseudonym Crypto Noob shared that Bitcoin may enter an uptrend. Chart analysis would support this, showing, for example, that the market capitalization of Bitcoin falls below the realized capitalization.
In the past, there have always been great buying opportunities here. Crypto Noob talks about a once-in-a-lifetime investment opportunity when the market moves into the red for most crypto buyers. It drew parallels with the corrections from 2012, 2015 and 2019, and shortly after that a huge trend emerged.
Related analysis shows that in past cycles, the bottom in the bear market has always been formed 550 to 500 days before the next bitcoin halving. Bitcoin is in this time path right now.
The trading volume profile also shows that Bitcoin price is currently below the control point. In the past, there was always a strong upward movement afterwards.




Ethereum could drop to $790 soon
But what can be expected from the Ethereum course in the short term. Technical chart analysis shows potential scenarios for the ETH/USD price trend.
The small 1 hour chart shows that the price could form a double top. This bearish pattern will come into play if ETH/USD fails to break the resistance area around $1,350 and the price falls below the $1069 support zone.
In this case, there is a risk of a correction of the technical price target of $790. Ethereum price would then hit a new low in this bear market. Because the low is still around $880 as of mid-June 2022. That would suggest that the bears remain in control of the market. At the same time, the price of Ethereum would fall to the lowest level since the end of 2020.
On the daily candles, the technical chart analysis shows other interesting constellations. The price has been in a parallel ascending channel since May of this year. This formation can also be interpreted as a bearer flag as the price entered the pattern from a move down.




Ethereum price points up to $3,550
A confirmed correction below the current support line at around $1,125 could trigger another slide for Ethereum. However, if ETH/USD has a lower support line, it could trigger the next uptrend and the price could create a bullish double bottom. Then, the next step to confirm the pattern is to break the resistance line around $2,120. The bullish price target could catapult ETH/USD above $3,100.
The daily chart continues to show a falling bullish wedge, which ETH/USD has been trading in since August 2021. The support and resistance areas have been tested repeatedly over the past few months without ETH/USD breaking out to the upside . Ethereum is currently approaching a test of the resistance zone again.
If this bullish move succeeds now, it could lead to a huge price increase in the coming months. The technical price target is around $3,550. However, the price may wait longer in a chart formation before a decision is made. In theory, ETH/USD could fall to prices of up to $200 still in formation by mid-April 2023.
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