A crypto analyst has provided insights into the current state of Ethereum (ETH) amidst relatively stagnant price movements in the overall cryptocurrency market. The analyst, known as Bluntz, suggests that Ethereum is currently in the final stage of a corrective move and is trading within an ascending triangle pattern.
Bluntz believes that Ethereum could establish a bullish higher low setup to conclude the correction before experiencing a breakout and rallying to a new all-time high. If ETH were to drop further and reach around $1,430 or $1,440, Bluntz would consider buying for long-term investments. He maintains the belief that the major bottom for Ethereum has already been reached and that the current period could be an accumulation phase before a potential upward movement.
Short-Term Price Action Predictions
Regarding the short-term price action of Ethereum, Bluntz expects the market to remain choppy with sideways movement for a little longer. He anticipates a potential breakdown to a new low around $1,430 before any significant upward momentum occurs.
As of now, Ethereum is trading at $1,595.
Hot Take: Is Ethereum Bottom In?
According to top analyst Bluntz, Ethereum may be approaching the end of its corrective move and could soon experience a breakout towards a new all-time high. Bluntz suggests that if ETH drops further and reaches around $1,430 or $1,440, it could present an opportunity for long-term investment. This potential accumulation phase could mark the bottom of the range, leading to a rally in the future. However, in the short term, Bluntz expects Ethereum to remain choppy with sideways movement and a possible breakdown to a new low around $1,430. It’s essential to monitor Ethereum’s price action closely to make informed investment decisions.
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