Ethereum Bulls Could Reject Analyst’s Projected Consolidation to $3,300
Main Idea
Ethereum's price may consolidate to $3,300 before a potential bullish reversal, despite recent rebounds and ongoing market volatility.
Key Points
1. Ethereum rebounded from a drop to $3,507, showing buyer interest, but resistance at $3,860 suggests further consolidation.
2. Analyst Michael van de Poppe predicts a potential drop to $3,300, which could build upside liquidity and set up a bullish reversal.
3. The ETHBTC pair has shown relative strength, gaining 3.9% despite broader market declines.
4. Ethereum remains within a trading range between $3,860 (resistance) and $3,507 (support), with further declines possible amid altcoin market movements.
5. Van de Poppe views a potential dip to $3,300 as a 'buy the dip' opportunity, expecting bullish momentum to return.
Description
A crypto analyst thinks Ethereum is holding up nicely despite the recent pullback. Ethereum has rebounded from a recent drop to $3,507, showing buyer interest. Dropping to $3,300 will build upside liquidity for Ethereum and set up a bullish reversal. Ethereum faced resistance at $3,860 last Monday before sliding to $3,507 later in the week. Despite a partial recovery to $3,694, analyst Michael van de Poppe stated that the pullback may not be over, hinting at ongoing consolidation before the next...
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