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Ethereum

Ethereum Crash Could Be A Buying Opportunity, Here Are The Levels To Watch

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum (ETH), the world’s largest altcoin, has recently been on a significant downward trend, with its price slipping below the $3,000 mark. However, analysts see this bearish downtrend and ETH’s price crash as a buying opportunity, anticipating a possible rebound in the future. 

Best Time To Start Accumulating Ethereum

On August 7, crypto analyst, Alan Santana released a blog post on TradingView discussing the best time to start planning a bullish wave in Ethereum. With ETH now challenging critical support levels, it could lead to prices reverting to the “baseline,” a level that could indicate the right time to begin accumulating. 

Related Reading: Bernstein Analysts Predicts When The Bitcoin Price Will Turn Bullish Again

Based on Santana’s analysis of ETH, the baseline represents a strong level, suggesting a potential for a bounce but also signaling possibilities of more price declines. Despite Ethereum’s massive price crash over the past week, the crypto analyst has cautioned that prices could drop even lower. 

He revealed that the market is expected to witness 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 may offer investors the best opportunity to buy Ethereum. 

The analyst has 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 in 2025. Given Ethereum’s highly bullish outlook, the crypto analyst has stressed the need to remain vigilant and pinpoint the low price points for strategic long-term buys. 

Santana has disclosed that investors should expect ETH to potentially hit lower prices around the $1,800 to $1,500 range. He indicates that these low prices could be the next big buying opportunity for ETH. Additionally, the crypto analyst noted that Ethereum has yet to reach its bottom, forecasting further drops to $1,500, which could potentially be the final bottom before a price rebound.

Update On ETH’s Price Analysis

According to Santana, on Tuesday Ethereum showed the highest bearish volume on a daily basis since June 2022. He disclosed that Ethereum’s bearish trend has been ongoing since March 2024, as such the altcoin has been experiencing high trading volume. This spike in volume likely means that the downtrend for Ethereum is not over. 

Related Reading: X Adds Payments Feature To Latest Dev Code Release, Will Dogecoin Payments Follow?

Data from CoinMarketCap has shown that ETH has witnessed more declines in its price. Over the past seven days, the cryptocurrency crashed by a whopping 24.58%, pushing its price to trade at a current price of $2,504. 

From the recent market trends, it appears that Ethereum may be following Bitcoin’s bearish trend. In the last few weeks, Bitcoin experienced massive price declines that saw its value crashing by more than 20%. 

Despite the market’s downward spiral, analysts are still bullish on both Bitcoin and Ethereum. A crypto analyst, identified as ‘Kaleo,’ anticipates further declines in ETH’s price, but also foresees a subsequent price rebound to new highs. 

Ethereum price chart from Tradingview.com
ETH price stays above $2,500 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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