Ethereum ETH Tumbling Down: Will it recover in 2022?

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[{"selector":"#anim-4f5f6eab-f30e-46cd-ab8d-01db4622c3b2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Bear has taken control of the market and is currently wreaking havoc on the cryptocurrency industry. On the morning of June 13, 2022, Ethereum is trading at $1,323.

[{"selector":"#anim-2f049272-7988-49c3-9c35-1cb9f8b3bfe4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-7.304216759521369%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] This price comes after the Ethereum team reported a more than 8% drop in the previous 24 hours.

[{"selector":"#anim-62d43bd9-7f93-4ed9-9235-f44e59f4a666 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-21.874999829338588%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] On June 13th, the price of Ethereum's native token Ether (ETH) dropped as low as $950 on Uniswap.

[{"selector":"#anim-8cee82a2-6022-4f4d-8e4f-9af4c6645b55 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-6.636996640899754%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] This is roughly 20% less than its spot rate on other exchanges.

[{"selector":"#anim-cf46d1d6-81fb-4a8e-b3b4-e10ed449e941 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-21.874999829338588%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The second largest digital token fell over the weekend, and experts believe further declines are possible.

[{"selector":"#anim-ca51753e-5de5-4e1c-b78d-89baadc3b33b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-35.937499914669296%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] ETH has dropped to its lowest level in a year. The last time the price was this low was at the end of January 2021.

[{"selector":"#anim-3f6b37da-60b5-4612-aecf-264f7c517d72 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-25.673362981689557%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Bloomberg analysts are pointing to the head-and-shoulders pattern on the ETH chart and predicting that Ether will reach $1,000 in the near future.

[{"selector":"#anim-d6e896a3-306b-42ee-af07-05019fbf4ef0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.63390892262842%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] In the short term, the second largest cryptocurrency is expected to experience "more pain."

[{"selector":"#anim-2c98a981-8d34-456f-aa05-24807ad6df4d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.287202267403853%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Concerns about interest rate hikes in the face of high inflation rates are another factor weighing on Ethereum.