Will Ethereum Go Lower Than $1300?

It totally can.

In Bitcoin, the low of the next bubble has always been higher than the high of the previous bubble. In Ethereum’s case, the high of the previous bubble, $1400, may serve as a good floor for the low of this bubble.

I have low conviction in this floor because crypto has never dealt with a sustained macro bear market so we have yet to see how crypto responds to macro bear markets. We know in the short run, they do not respond well as seen by Covid.

We don’t know how long this bearish macro environment will last. If it breaches $1400 for a sustained period of time, then that will certainly spook many investors and lead to a further drawdown. We are already within spitting distance of that price and we’re not even near macro capitulation.