Best Time for Recovery from the Drop
On August 7, cryptocurrency analyst Alan Santana shared insights on the optimal time to buy Ethereum in a blog post on TradingView. As ETH approaches critical support levels, prices are expected to return to the “base level,” indicating a potential buying opportunity. Santana’s analysis suggests:
- The base level is a robust point, although further price declines are possible.
- The market might exhibit a downward trend for at least six to eight weeks, with only one week having passed so far.
- Investors should wait for an accumulation range to form, which could present the best buying opportunity for Ethereum.
Opportunities for Long-Term Investment
According to Santana, the accumulation range will help identify optimal price zones for long-term investments. Santana predicts:
- Ethereum could exceed $10,000 by 2025, reaching approximately $12,555.
- ETH might drop to the range of $1,800 to $1,500, which could represent a significant buying opportunity.
- Ethereum has not yet reached its lowest point; the price may fall to $1,500, potentially marking the ultimate bottom.
Current Market Data and Expectations
Recent data reveals that Ethereum experienced its highest daily drop volume since June 2022. The downward trend for Ethereum has persisted since March 2024, with high trading volumes indicating that the decline may not be over yet. Current market data shows:
- ETH’s price has dropped 24.58% in the past seven days, currently trading at $2,504.
- Ethereum’s price trend mirrors Bitcoin’s recent declines, with Bitcoin also losing more than 20% in recent weeks.
Despite the downward spiral, analysts maintain optimism for both Bitcoin and Ethereum. Analyst Kaleo anticipates further price drops for ETH, followed by a recovery and potential new highs.
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