As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and learned to identify patterns that often lead to significant price movements. Given my extensive background, I find Alan Santana’s analysis intriguing and plausible.
As a researcher studying the cryptocurrency market, I’ve noticed that Ethereum (ETH), the largest altcoin globally, has been experiencing a substantial dip, with its value dipping below the $3,000 threshold. Yet, analysts view this bearish trend and ETH’s price drop as a potential chance to buy, predicting a possible recovery in the future.
Best Time To Start Accumulating Ethereum
On August 7th, crypto analyst Alan Santana shared insights via a blog post on TradingView about the opportune moment to strategize for a bullish trend in Ethereum. As ETH is currently testing crucial support thresholds, there’s potential for prices to retreat to a level that might signal the optimal time to start buying – a point often referred to as the baseline.
According to Santana’s examination of ETH, the standard level is robust, indicating a possibility for a rebound, yet also hinting at potential further price drops. It’s important to note that Ethereum has experienced a significant price plunge in recent days, but this crypto analyst has warned that prices could still fall even more.
It’s forecasted that the market will experience around six to eight weeks of downturn, but so far, just a week has transpired. Given this situation, Santana advises waiting for a period where Ethereum prices might gather, as it could potentially provide investors with an excellent chance to purchase Ethereum.
The analyst has pointed out that understanding the accumulation range can assist in finding ideal price areas for long-term investment growth. With this perspective, Santana anticipates that Ethereum (ETH) could exceed $10,000 and potentially reach around $12,555 by 2025. Given Ethereum’s very optimistic forecast, the crypto analyst advises staying alert and locating the lower price points for strategic long-term purchases.
Santana predicts that investors might see Ethereum (ETH) dipping towards the $1,800 to $1,500 range in the near future. He suggests these lower prices may present an excellent buying opportunity for ETH. Moreover, the crypto expert anticipates that Ethereum has not yet reached its lowest point, with additional decreases possible down to $1,500. This potential bottom could mark the beginning of a price recovery.
Update On ETH’s Price Analysis
Santana stated that on Tuesday, Ethereum saw its highest daily bearish volume since June 2022. He revealed that Ethereum’s bearish trend started in March 2024, and since then, it has been consistently trading with high volumes. This significant increase in trading activity suggests that Ethereum’s downtrend might persist.
According to data from CoinMarketCap, Ethereum (ETH) has experienced a significant drop in value over the past week. In fact, its price has plunged by an impressive 24.58%, causing it to trade at its current price of $2,504.
Based on current market patterns, Ethereum seems to mirror Bitcoin‘s downward trend. Over the past few weeks, Bitcoin has suffered significant drops in value, with its worth plunging over 20%.
Regardless of the current market drop, analysts remain optimistic about Bitcoin and Ethereum. An unnamed crypto analyst, referred to as ‘Kaleo,’ predicts that Ethereum’s price may continue to fall initially, but also expects a future surge that could lead to new record highs.
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2024-08-07 19:12