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Time To Buy Ethereum? Here’s What This Analyst Thinks
The cryptocurrency market has been under immense pressure lately, with many altcoins experiencing significant losses. However, Ethereum (ETH) has seemingly buckled to the selling pressure, causing it to lose some of its value in recent days.
According to an analyst, this could be a good buying opportunity for investors. The analyst notes that ETH is currently above key support at $1,887 and if it fails to hold this level, it would likely lead to further decline to lower targets such as $1,440, $1250, and $1,000.
However, the bearish outlook is not absolute, as there’s a possibility of an ETH market recovery. The analyst highlights that Ethereum bulls are facing a serious resistance between $2,250-$2,610, which would need to be breached for any potential upside momentum.
Ethereum (ETH) current price and trading volume | Source: Tradingview
The analyst also notes that the Cost Basis Distribution data correlates with both bearish projections. This suggests that there is still a significant amount of selling pressure present in the market, and Ethereum may not have seen the end of its recent decline just yet.
On a more positive note, the analyst sees potential for ETH to recover if it can break through the $2,250-$2,610 resistance zone. If this happens, it could signal the start of an uptrend that might propel ETH’s price upwards.
For now, investors are left waiting and watching as Ethereum’s market dynamics continue to play out.
Source: https://bitcoinist.com/time-to-buy-ethereum-eth-heres-what-this-analyst/
