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Ethereum (ETH) Price: Technical Analysis Shows Potential Bottom at $1,000 Support Level
The Ethereum market has been in a state of flux as prices have fallen to around the $1,450 mark. This sudden downturn has sparked concerns about a potential bear market bottom, and many traders are now watching for confirmation of this prediction. A recent tweet by Mike McGlone, a prominent crypto analyst, has caught attention due to its ominous undertones.
McGlone’s observation suggests that Ethereum could be approaching a crucial juncture, echoing the patterns seen in previous cycles. The NUPL (Net Unrealized Profit/Loss) chart displays a pattern of similarity with past crashes before rebounding sharply. This bears an uncanny resemblance to market behavior preceding significant bottoms.
Source: https://blockonomi.com/ethereum-eth-price-technical-analysis-shows-potential-bottom-at-1000-support-level/
