My reasoning here is if we close under 1335 on the daily we would be supported by the fib LVL 78.60% That level has a lot of trade interest as well with the VRVP, It would have one last line of defense at 1k. If the bears succeed to break that we now could expect support at the next Fib level which has had also a great level of interest with the VRVP in the past. This would bring us to a drop from ath of about 87% which is normal, considering the world macros, with higher interest than before when in 2018 to 2019 interest went up at 2.5 % and we saw eth drop 90% from its lower highs. Sure some will argue that the merge changes everything. Not necessarily. we may see bull traps along the way. I will remain bearish until rates are reduced. and when gold stops dropping. Eth and BTC never have gone through a recession, and so far history is repeating itself with interest rates going higher than in 2018. Highly doubt you will see people taking out loans, or using leverage with debt in these times. I expect after a such major correction, we would see an accumulation going on like last time until new hype happens with eth. Institutions may enter at this point to lock up and stake it. so they may be waiting to get cheaper ether. This is not financial advice. Only risk money you are willing to lose.
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Correction, 2018 through 2019 was a recession and interest rates where at 2.5 with feral reserve. It is expected to see 4.5 by the end of this year. Almost double from previous recession. We can expect this to be already one, even thought the fed don't want to announced it that way, unemployment has gone up, and i expect future data to show more pain head.