Ethereum (ETH)The world’s largest altcoin, has been in a significant downtrend recently, with its price dropping below $3,000. However, analysts are viewing this bearish downtrend and ETH’s price crash as a buying opportunity, ahead of a possible revival in the future.
Best time to start collecting Ethereum
On August 7, crypto analyst Alan Santana published a blog post on TradingView discuss the best time to start planning a bullish wave in EthereumAs ETH challenges critical support levels, this could lead to prices returning to the ‘baseline’, a level that could indicate the the right time to start collecting.
Based on Santana’s analysis of ETH, the baseline represents a strong level, indicating the potential for a bounce but also the possibility of more price declines. Despite The Huge Price Drop of Ethereum The crypto analyst warned last week that prices could fall even further.
He revealed that the market is expected to see 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 can provide investors with an opportunity best chance to buy Ethereum.
The analyst 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 by 2025. Given Ethereum’s Very Optimistic OutlookThe crypto analyst has stressed the importance of remaining vigilant and avoiding the low price points for long-term strategic purchases.
Santana revealed that investors should expect ETH to potentially reach lower prices around $1,800 to $1,500. He indicates that these low prices could be the next big buying opportunity for ETH. Furthermore, the crypto analyst noted that Ethereum Hasn’t Bottomed Out Yetwith a further drop to $1,500 being predicted, which could possibly be the final bottom before the price recovers.
ETH Price Analysis Update
According to Santana, Ethereum saw its highest daily bearish volume since June 2022 on Tuesday. He announced that The bearish trend of Ethereum has been going on since March 2024, which has caused the altcoin to experience high trading volume. This spike in volume likely means that the Ethereum’s Downtrend Is Not Over Yet.
Data from CoinMarketCap has shown that ETH has seen more price drops. Over the past seven days, the cryptocurrency has crashed by a whopping 24.58%, bringing its price to a current price of $2,504.
Recent market trends indicate that Ethereum may follow suit Bitcoin’s bearish trendIn recent weeks, Bitcoin has seen massive price drops, causing its value to plummet. crash by more than 20%.
In spite of the downward spiral of the marketAnalysts are still bullish on both Bitcoin and Ethereum. A crypto analyst, identified as ‘Kaleo,’ anticipates further declines in the price of ETH, but also foresees a subsequent price rise to new heights.
Main image created with Dall.E, chart from Tradingview.com