Ethereum (ETH)The world’s largest altcoin, has recently seen a significant downtrend, with its price falling below $3,000. However, analysts are seeing this downtrend and the fall in ETH’s price as a buying opportunity, anticipating a possible rebound in the future.
The Best Time to Start Accumulating Ethereum
On August 7, crypto analyst Alan Santana published a blog post on TradingView discussing the best time to start planning a bullish wave on Ethereum. With ETH now challenging critical support levels, this could lead to a price return to the “baseline,” a level that could indicate the the right time to start accumulating.
According to Santana’s ETH analysis, the baseline represents a strong level, suggesting the potential for a rebound but also signaling possibilities for further price declines. Ethereum Price Drops Massively Over the past week, the crypto analyst has warned that prices could fall even lower.
He revealed that the market is expected to see 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 zone to form, as this could provide investors with an opportunity to best opportunity to buy Ethereum.
The analyst also revealed that the accumulation range will help identify optimal price areas for long-term growth investments. Based on this belief, Santana predicts that ETH has the potential to surpass $10,000, or approximately $12,555, by 2025. Ethereum’s Very Optimistic OutlookThe crypto analyst stressed the need to remain vigilant and identify low price points for long-term strategic purchasing.
Santana revealed that investors should expect ETH to potentially reach lower prices around $1,800 to $1,500. He indicates that these low prices could be the next big buying opportunity for ETH. Additionally, the crypto analyst noted that Ethereum Hasn’t Bottomed Yetpredicting further declines to $1,500, which could potentially be the final low before a price rebound.
ETH Price Analysis Update
According to Santana, Ethereum posted the highest daily bearish volume since June 2022 on Tuesday. He revealed that Ethereum bearish trend has been running since March 2024, so the altcoin has seen high trading volume. This spike in volume likely means that the Ethereum’s downtrend isn’t over.
Data from CoinMarketCap showed that ETH has seen further price declines. Over the past seven days, the cryptocurrency has dropped by 24.58%, pushing its price to trade at a current price of $2,504.
Based on recent market trends, it seems that Ethereum could follow suit Bitcoin Bearish Trend. Over the past few weeks, Bitcoin has seen massive price drops that have seen its value collapses by more than 20%.
Despite the the downward spiral of the marketAnalysts are still bullish on both Bitcoin and Ethereum. A crypto analyst, identified as “Kaleo,” anticipate further declines in the price of ETH, but also predict a subsequent price rebound to new highs.
Featured image created with Dall.E, chart by Tradingview.com
