Ethereum has been taking a bit of a breather after its recent rally, dropping back down to around $2,500. But don’t worry, some experts think this could be a great chance to buy low.
A Bullish Pattern Emerges
Top analyst Carl Runefelt sees a promising setup for Ethereum. He’s noticed a bullish pattern in the price action, suggesting that this dip could be a good time for long-term investors to scoop up some ETH before it potentially takes off again.
The $2,400 Support Level
Runefelt points out a crucial support level around $2,450. If Ethereum continues to dip, this could be a good entry point for investors who believe in Ethereum’s long-term potential.
Breaking Through Resistance
On the other hand, if Ethereum manages to break through the resistance level at $2,800, it could signal a significant upward move. This would likely be fueled by Bitcoin’s potential breakout to new all-time highs.
Ethereum’s Short-Term Outlook
Ethereum is currently hovering near a key support level. If it falls below this level, it could trigger a deeper correction. However, if buyers step in and keep Ethereum above this level, it could signal a positive shift in momentum.
The next few days will be crucial for Ethereum’s trajectory. Will it break out of its recent dip and regain its position as a leading altcoin? Or will it continue to struggle? Only time will tell.
