Both ETH and BTC are experiencing wild price fluctuations due to the current state of global financial markets. ETH seems to be in a precarious position – thanks to the bears, its price dropped drastically. It looks like the pressure is on to breach the psychological mark of $1000. ETH performance in Q2 of 2022 has been dismal and it is trading lower due to inflation fears and a rise in interest rates.
On the last day of Q2, June 30th, ETH prices dropped to $1044, a decrease by 5%. According to analysts, ETH is now below its interim trendline support. A horizontal resistance trendline indicates an ascending triangle. This pattern is a clear indicator of a bear market, and this occurs when there has been a sharp downturn. This type of triangle pattern results in prices falling much more. Analysts say that the price drop can be as much as the height of the triangle.
When one looks at ETH trend charts, it is evident that ETH has been in an ascending triangle pattern since the 13th of June. This confirmed many traders’ fear that a downtrend is in the offing. Many fully expect that ETH’s price target in Q3 will be somewhere around $835, lower in value by 20%, compared to Q2 prices.
Institutional investors are taking precautions to limit exposure to market fluctuations by withdrawing money from dedicated funds. ETH withdrawals in June alone stand at $136.9 million.
