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How likely will Ethereum rebound at the $1000 – $1100 level?

ByNdasi Tata

Jul 5, 2022

  • Ethereum is forming support at around $1,000.

  • The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

  • Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.


Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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