A top crypto analyst describes his view on Ethereum (ETH) amid tepid price movements in the crypto market.
In a new video, pseudonymous analyst Bluntz say that Ethereum is likely witnessing the final stages of a corrective move as it trades within an ascending triangle pattern.
According to the analyst, Ethereum could print a bullish, higher-low price to round out the correction before it breaks out and recovers to a new all-time high.
“If ETH were to make another new low and reach that level at $1,430, $1,440, I would definitely, no questions asked, look to buy some longer term bags because overall I still think the main bottom is nearby. and this is probably some kind of accumulation period here [between roughly $1,400 to $2,000] and that would be buying the bottom of the range.
On this next stretch, I would position myself to take longs to potentially new all-time highs.”
On Ethereum’s likely near-term price action, the pseudonymous crypto analyst and trader says:
“Right now, I think we’re probably still in trouble here. I think we’ll probably go sideways for a while and then drop to a new low [at around $1,430].”
Ethereum is trading at $1,595 at the time of writing.
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Generated image: Midjourney
