FTX's hacker, heist, and no optimism

Over the past two weeks, Ethereum enjoyed much attention, with media coverage about FTX’s hacker dumping his holdings on the market.

Some of the recent activities in “FTX accounts drainers” - based on information from Etherscan.
FTX accounts drainer 1 - 0x59ABf3837Fa962d6853b4Cc0a19513AA031fd32b

19th November 2022 - Ethereum balance = 250 735 ($305 million)
21st November 2022 - Ethereum balance = 5 735 ($6.36 million)

FTX accounts drainer 2 - 0xc40aBF7E6499694ea6F965Df96e39E51305E019a

12th November 2022 - Ethereum balance = 1 287 ($1.6 million)
15th November 2022 - Ethereum balance = 0 ($0)

FTX accounts drainer 3 - 0x585ed783C9246553E8bC9f9046C80f54AfEE7765

12th November 2022 - Ethereum balance = 13 205 ($16.5 million)
15th November 2022 - Ethereum balance = 1.47 ($1844)

Ethereum dropped more than 11% from Sunday to Monday before erasing some losses. A decline stopped slightly above the support level at 1071.50$, and since then, the price action has remained choppy.

Apart from Bitcoin, ETHUSD did not constitute a new low for the year. Though it is nothing surprising if we consider how much better (seemingly) it has performed. That, however, does not change our view.

We still hold a bearish stance and believe the bottom is not set in. As we noted over the summer (and several times thereafter), the attractive price for shorting is between 1 500$ and 1 600$ (or higher); however, from the current level taking a short position represents much more risk. With that let out there, we maintain our price targets at 1 000$ and 900$.

Technical analysis - daily time frame
RSI is neutral. Stochastic points to the upside but stays in the bearish zone. MACD is flattening. DM+ and DM- are bearish. Overall, the daily time frame is bearish.

Illustration 1.01
Illustration 1.01 shows the daily chart of ETHUSD and simple support/resistance levels.

Technical analysis - weekly time frame
MACD is neutral. Stochastic is bearish. RSI is slightly bearish/neutral. DM+ and DM- are stay bearish. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.