🔥 Ethereum Breaking Down: Further Sell-Off Expected

As of yesterday we got a big red candle, breaking through the bull-cycle support area (purple). This candle was initiated by bad CPI numbers, and is likely the start of a new bear trend.

With inflation rising and the FED not doing enough to stop it, I think that we're going to see further bearishness for crypto and therefore ETH. In the coming weeks, I'm aiming at a $1300 bear target. In the long-term, I think a $1000 ETH is more and more realistic.