Ethereum Price Prediction

ETH Price Chart

Ethereum price prediction remains bearish, but closing candles above the $1,075 support level will likely trigger a bullish bounce-off in ETH. On November 21, the ETH/USD pair started the day at $1,142, reaching a high of $1,143 and a low value of $1,106.71.

The ETH/USD is currently trading at $1,102, down by over 8% in 24 hours, but the double bottom pattern is likely to keep ETH supported near the $1,075 level.

Next Fed Meeting Could Hurt the Market

The US Federal Reserve is set to release its most recent minutes on November 23. After the impact of the FTX collapse on the cryptocurrency markets last week, it could cause further damage to the crypto market.

Watch out Wed 11/23 for FOMC Federal Reserve Meeting Minutes

J Pow comments usually move the markets quite a bit. Expect more volatility Tue 11/22 and Wed 11/23. I expect markets to go down this week and will be looking for buy opportunities#investing #investors #StockMarkets pic.twitter.com/j1LIxSd5R9

— Trader Prosperity (@TraderProsper) November 21, 2022

Furthermore, the upcoming Federal Reserve minutes could deal a massive blow to the financial markets. Any changes in the traditional financial industry will be mirrored in the cryptocurrency market.

According to CoinMarketCap, the global crypto market cap has dropped by 4.03% in the last 24 hours, implying that the cryptocurrency market has already predicted a negative outcome based on the next few minutes. The total is now around $802 billion.

The largest altcoin by market capitalization, ETH/USD, is falling as the date of the upcoming Fed Meeting approaches.

ETH Falls as FTX Hacker Sells His Holdings

According to reports, the FTX hacker sold over 30,000 ETH on November 20 and converted a sizable portion of the assets into bitcoin. The FTX hacker who stole $600 million from the exchange is reportedly converting his Ethereum stack to Bitcoin. The hacker changed all the stablecoins to Ethereum last week, gaining $288 million in ETH in the process.

JUST IN: FTX "hacker" has converted 25,000 $ETH worth $30 million into #Bitcoin, on-chain data reveals.

— Watcher.Guru (@WatcherGuru) November 20, 2022

Authorities are still evaluating the damage FTX’s bankruptcy has done. The crypto company owes some of its biggest creditors an unbelievable $3.1 billion. In addition, there are rising worries that more digital businesses may fail in the wake of the current crisis.

Additionally, the whole cryptocurrency market is down 5.6% and has fallen below $800 billion. Many analysts think the latest market sell-off might push the ETH/USD rate to lower levels.

Genesis is the Center of Attention

The exposure of Genesis to failing crypto businesses FTX and Three Arrows Capital has dragged its parent company, Digital Currency Group (DCG), and Grayscale into the crisis. DCG, led by Barry Silbert, owes Genesis more than $1.1 billion. Some believe that FTX and DCG fallout will have a greater impact.

#Grayscale refuses to share proof of reserves due to 'security concerns' as shares trade at a 45% discount to #bitcoin
There are concerns parent company @DCGco does not have the $1.1 Bln to plug the hole in sister company #Genesis & need to unwind $GBTC https://t.co/LtG0g5dxzl

— Susan Li (@SusanLiTV) November 21, 2022

In a tweet on November 21, ArchPublic co-founder Andrew Parish stated that Barry Silbert’s DCG owes Genesis $1.1 billion via a previously revealed promissory note that has been kept secret from interested parties. He believes that DCG and Genesis’ request for $1 billion in emergency aid from investors is motivated primarily by the existence of hidden funds

BREAKING: @DCGco owes $1.1B to Genesis via a previously undisclosed promissory note that has been hidden from potential investors.

**now we know why DCG is doing a $1B raise, and is getting rebuffed. @Grayscale assets are the only assets receiving any meaningful interest.

— Andrew (@AP_ArchPublic) November 20, 2022

Genesis must raise $1 billion in funds by today, November 21, to prevent the outbreak from spreading to DCG and Grayscale. Furthermore, Grayscale cited security concerns in refusing to reveal their reserve proof. In light of the FTX crisis and Genesis-related uncertainties, investors were dissatisfied with the decision to keep reserve information private.

Furthermore, the premium rate for Grayscale Bitcoin Trust Fund (GBTC) has plummeted to a shocking -45.2%. The FTX issue has spread to other cryptocurrency exchanges and businesses, causing the cryptocurrency market and the price of ETH/USD to fall further. As a result, Genesis is the focus of crypto influencers’ attention; any information will be critical for the sector.

The current price of Ethereum is $1,129, with an $11 billion 24-hour trading volume. Ethereum has dropped almost 8% in the last 24 hours. CoinMarketCap presently ranks second with a live market cap of $138 billion. There are 122,373,866 ETH coins in circulation. Ethereum is seeking to retake the $1,100 level on the 4-hour chart.

Ethereum Price Chart – Source: Tradingview

The ETH/USD has broken through the lower side of a symmetrical triangle, signaling the probability of a significant decline continuation.