In June 2022, Ethereum (ETH/USD) reached its annual low of about $900. The cryptocurrency is continuing to test this low level, according to technical indicators. With increasing bear momentum, the price of ETH was $1,085 at the time of publication. If the downward trend keeps up, ETH may set a new low for the year.

Santiment research shows that whales are still trading on ETH despite the cryptocurrency's declining price. Ethereum whales acquired 947,940 additional ETH tokens on November 21 for a total estimated value of $1.03 billion. This day's total ranks fifth in terms of total for the entire year. The rising whale activity shows that significant investors are confident in the token's likely comeback. For a purchase of $1,000, the investors see a significant savings.

However, ETH might decline even further, making profiting on it at a reduced price more alluring. The market's attitude, which indicates that bets on lower prices have grown recently, is another factor supporting the viewpoint. As a result, around 75% of Bitcoin and Ethereum inflows have been made through short items. Where is the most likely new pricing, then?

forecast for the price of ETH if momentum weakens near a support level ETH/USD Chart by TradingView

ETH trades in or near the support zone on the weekly chart. Below this level, there is a potential for bulls to stop the drop, although momentum is feeble. The bear zone of the MACD indicator is present. Bears are in control as the weekly candlestick just broke below an inside-bar pattern.

What comes after ETH?

The price of ETH is anticipated to decline further in the face of negative crypto mood and momentum, finding support around $800. Since January 2021, the level will be at its lowest point to date. It implies that the 2021 boom gains will have been eliminated by the crypto winter.

As an alternative, ETH bulls can aim to protect $900, the cryptocurrency's low point from June. It will still be a toll order because ETH is under a lot of pressure and public opinion is still negative. Over the next three days, keep an eye on the $900 level.