According to analyst Crypto Crypto Yoddha, Ethereum (ETH) may have finally reached its bottom. The analyst shared their ideas on X, suggesting that the second largest cryptocurrency by market capitalization could be on the verge of a trend reversal.
Is the Ethereum background finally in it?
Crypto Yoddha common A 10 -day ETH graphic indicating that digital assets probably has the lowest for this cycle. To support this analysis, the analyst has highlighted striking similarities between the current ETH prices behavior and its movement during the 2019-2020 cycle.
According to the analyst, Ethereum followed a similar price structure in its previous cycle before embarking on a bullish rally which jumped 2,500%. The graph also suggests the completion of a WXY correction model of the Elliott wave theory, a correct three wave structure which often precedes trend reversals.
For the uninitiated, the WOLX Corrective model in the theory of Elliott waves is a three wave correction where W and there are corrective movements, and X connects them. It is a more complex version of an ABC correction, which makes price movements last before continuing the trend.
The analyst also stressed that the break in the level of resistance of $ 4,600 is crucial for the ETH to maintain his bullish momentum. If the ETH erases this obstacle, it could reproduce the trajectory of its previous cycle, potentially moving to $ 10,000 to $ 13,000.
The feelings of Crypto Yoddha were taken up by another Crypto Mister Crypto trader. The analyst shared the following graph, saying that ETH had a background and that a “big reversal” should occur soon.
ETH price reflecting its previous market cycle
A group of seasoned crypto traders, Shuarix, also weighed in ETH prices behavior. They compared the current ETH structure to its 2020 price action during the market accident induced by COVVID.
According to Shuarix, ETH recently experienced a false escape from a symmetrical triangle model, followed by a major withdrawal. They believe that this configuration could lead to a strong rallyWhile the market shakes the so-called “weak hands”.
They added that the lowering feeling surrounding the ETH is currently at a level not seen since the year 2020. Indeed, the chain data reveal that the so -called “Eths” whales “portfolios with substantial ethn operations – are departure Lose confidence in digital assets.
In addition to major investors showing a decreasing trust in ETH, the Ethereum display percentage also has crash From the summits of November 2024. At the time of the press, the ETH is negotiated at $ 2,644, down 3.5% in the last 24 hours.
Star image of Unsplash.com, X charts and tradingView.com
