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Crypto Analyst Tradingshot He revealed that the price of Ethereum formed the bottom of a megaphone, which was not seen since 2020. The analyst revealed what happened when ETH created this bottom, which is a stubborn perspective for Altcoin.
The price of ethereum creates the bottom of the megaphone
IN Post TradingviewTradingshot said that the price of Ethereum formed the bottom of the megaphone as in March 2020 noticed that he noticed it ETH is now In the first week of reflection after registering three consecutive red weeks, when he was unable to exceed the 1-week MA50. The analyst also noticed that ETH is taking the lower low trend line, which technically is the bottom of the annual megaphone from the summit of March 11, 2024.
Tradingshot claimed that the market is not foreign to long -term megaphone consolidation periods. Stated that Price ethereum Finally, he ripped upstairs when he last formed this megaphone from June 2019 to March 2020, which took place after a brutal bear because of the disaster that touched DNA.
He noticed that the period of 2020 has been quite similar to the current Ethereum price campaign from the end of December. Then the analyst emphasized how well the levels of Fibonacci’s slimming. Based on this development, he predicted that the price of Ethereum can at least test 1.5 Fibonacci extension for $ 6,000 before this cycle at the end of the year.
Cryptographic analyst Crypto Patel also raised the possibility of Ethereum price up to USD 8,000. He suggested that this parabolic movement could occur in the E Eth Bull Run phase. He pointed out that ETH may encounter a significant resistance of about USD 4,050 to this level of price.
Stubborn foundation ETH
Despite the worse results, the price of Ethereum has stubborn foundations that can cause reversal and cause it to reach recent peaks. An alternative bull cryptographic analyst revealed that ETH replacement reserves They decrease much. He noticed that this would lead to constrained supply, which makes it only a matter of time before ETH became parabolic. According to this, the analyst confirmed that Altcoin is still at the early stages of his bull.
Cryptographic analyst Ali Martinez He also revealed that whales actively accumulate ETH, which is stubborn at the price of Ethereum. In post X, he stated that 360,000 ETH has been withdrawn from cryptographic exchange in the last 48 hours, which can cause supplies.
It is also worth mentioning that the price of Ethereum may soon be a witness to the shock of supply by ETF. Asset managers, such as BitWise, have submitted SEC in the US to take into account the erection in their funds. If it is approved, this can remove more ETH from circulation, because some institutional investors decide to put their ETH to obtain crops.
At the time of writing this text, the price of Ethereum is about USD 1,969, which is a decrease of almost 2% in the last 24 hours, according to data with coinmarketcap.
A distinguished picture from Unsplash, tradingview.com chart
