Ethereum (ETH), the world’s largest altcoin, has recently been on a significant downward trend, with its price slipping below the $3,000 mark. However, analysts see this bearish downtrend and ETH’s price crash as a buying opportunity, anticipating a possible rebound in the future.
Best Time To Start Accumulating Ethereum
On August 7, crypto analyst, Alan Santana released a blog post on TradingView discussing the best time to start planning a bullish wave in Ethereum. With ETH now challenging critical support levels, it could lead to prices reverting to the “baseline,” a level that could indicate the right time to begin accumulating.
Based on Santana’s analysis of ETH, the baseline represents a strong level, suggesting a potential for a bounce but also signaling possibilities of more price declines. Despite Ethereum’s massive price crash over the past week, the crypto analyst has cautioned that prices could drop even lower.
He revealed that the market is expected to witness at least six to eight weeks of bearish activity, and so far, only one week has passed. In light of this, Santana recommends waiting for an accumulation range to form, as this may offer investors the best opportunity to buy Ethereum.
The analyst has also revealed that the accumulation range will help identify optimal price zones for long term growth investments. Based on this belief, Santana predicts that ETH has the potential to surpass $10,000, approximately $12,555 in 2025. Given Ethereum’s highly bullish outlook, the crypto analyst has stressed the need to remain vigilant and pinpoint the low price points for strategic long-term buys.
Santana has disclosed that investors should expect ETH to potentially hit lower prices around the $1,800 to $1,500 range. He indicates that these low prices could be the next big buying opportunity for ETH. Additionally, the crypto analyst noted that Ethereum has yet to reach its bottom, forecasting further drops to $1,500, which could potentially be the final bottom before a price rebound.
Update On ETH’s Price Analysis
According to Santana, on Tuesday Ethereum showed the highest bearish volume on a daily basis since June 2022. He disclosed that Ethereum’s bearish trend has been ongoing since March 2024, as such the altcoin has been experiencing high trading volume. This spike in volume likely means that the downtrend for Ethereum is not over.
Data from CoinMarketCap has shown that ETH has witnessed more declines in its price. Over the past seven days, the cryptocurrency crashed by a whopping 24.58%, pushing its price to trade at a current price of $2,504.
From the recent market trends, it appears that Ethereum may be following Bitcoin’s bearish trend. In the last few weeks, Bitcoin experienced massive price declines that saw its value crashing by more than 20%.
Despite the market’s downward spiral, analysts are still bullish on both Bitcoin and Ethereum. A crypto analyst, identified as ‘Kaleo,’ anticipates further declines in ETH’s price, but also foresees a subsequent price rebound to new highs.
Featured image created with Dall.E, chart from Tradingview.com
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