Ethereum Price Analysis: Will There Be a Final Dump Before a Pump?
Crypto analysts are closely watching Ethereum (ETH) to determine its next move. While there are some bullish signs, experts believe that ETH may experience one more drop before seeing positive results. This is similar to what is expected for Bitcoin (BTC).
Key Points:
1. Support Level at $1,600: According to Twitter user Ali (@ali_charts), if Ethereum falls below $1,800, the next significant support level is around $1,600. This price zone has attracted high buyer demand, with 2.48 million addresses acquiring 3.8 million ETH.
2. Correlation with Open Interest: CryptoQuant’s ‘crypto sunmoon’ suggests a correlation between Ethereum’s price actions and Open Interest (OI) positions in the futures market. When the price drops, OI spikes, followed by a bounce and a decrease in OI. However, recent movements in ETH’s price and OI suggest that the spike may not be over yet.
3. Current ETH Trading: At the time of writing, ETH is trading above the $1,800 range, with 1.31% losses for the day and over 5% losses in the last 30 days.
4. Future Expectations: Ethereum’s ability to meet analysts’ expectations depends on further developments related to the cryptocurrency and the overall sentiment in the crypto and macroeconomic landscape.
Hot Take:
While Ethereum may face one more dump before a potential pump, its performance ultimately depends on various factors. Crypto enthusiasts are eagerly waiting to see how the market unfolds for the second-largest cryptocurrency.
Disclaimer: This article does not provide investment advice. Investing in cryptocurrencies carries risks, and capital is at risk.
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