Potential Ethereum Dip Provides Ideal Long Entry, Claims Analyst
Summary
Ethereum’s price has been slowly grinding lower over the past 24-hours which comes about as the asset sees an even further decline in its on-chain volume, and ETH is now at risk of breaking below a key short term support level, which could mean that a period of capitulation is imminent. In spite of this, one prominent analyst is noting that he believes that any potential price dip for both Ethereum and Bitcoin in the near-term could simply be a bear trap that provides traders and investors alike with an ideal long-entry. At the time of writing, Ethereum is trading down just under 2% at its current price of $182, which marks a notable drop from its 24-hour highs of $186 that were set yesterday. This bearishness today is simply an extension of the period of choppy trading that has been experienced by the aggregated crypto markets over the past several days and weeks, and Ethereum is currently caught in a trading range between $180 and $192, with the former price being a key support level that has held strong on multiple occasions over the past several weeks. The coming few hours and days will likely elucidate whether or not Ethereum and other cryptos will be able to break out of their recently established trading ranges, or if further consolidation is imminent.
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