- ETH quickly rebounded, currently trading at $2,520.01 with a 9.48% surge in the past 24 hours.
- The 24-hour trading volume stands at $66.32 billion, indicating high trading activity.
- Analysts predict potential gains for Ethereum, advising it’s a buying opportunity.
Ethereum (ETH) dropped dramatically to as low as $2,122 recently. This dip sent waves of worry among the investors, most of whom believed that this might be the start of further deteriorations. However, it was short-lived pessimism because Ethereum showed great resilience and started a strong recovery.
Currently, ETH is trading at $2,520.01. The cryptocurrency has quite impressively rebounded, with its value surging by 9.48% in the last 24 hours. Its 24-hour trading volume stands currently at $66.32 billion, which indicates great interaction in trading and also renewed interest. The market capitalization of Ethereum surged to as much as $302.75 billion.
The recent surge in Ethereum’s price suggests a resurgence of confidence in the digital asset, signalling the potential for continued upward momentum. Investors and analysts will be watching closely to see if this positive trend persists or if further volatility lies ahead.
Analysts Eye Ethereum’s Potential Post-Manipulation Recovery
According to crypto analyst Jonathan Carter, Ethereum has dipped into a crucial support zone on the weekly chart. This move has caught the attention of traders as an ascending channel formation appears to suggest a potential upward trend is on the horizon.
Carter advises that investors consider buying ETH in the range of $2,300 to $2,100, anticipating potential gains as the cryptocurrency positions itself for a rebound. His analysis highlights the significance of this support zone and the potential for ETH to gain momentum in the near future.
In addition, analyst Trader Tardigrade has provided insights into Ethereum’s recent market behavior. Tardigrade suggests that ETH has just undergone a “final manipulation” phase, a common occurrence before significant market movements.
This manipulation phase, often characterized by strategic market moves to shake out weaker hands, is typically followed by a reaccumulation phase in which the smart money positions for future gains.
Tardigrade believes that after this re-accumulation phase, it will recover and possibly rise. This phase indicates consolidation and preparation before the rise of an asset. In this case, it should leave Ethereum stronger, with very promising opportunities from investors willing to stomach the current market fluctuations.
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