Market Analysis by Dr. Arnout ter Schure covering: ETH/USD. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com
), topped out in March this year. It has lost almost 50% since. However, we must remember that ETHUSD bottomed out over two years ago, on June 18, 2022, and had thus rallied 365%. Thus, the current correction is still within the realm of normality within the world of cryptos, but we must ask, “Is the Bull market since that low over?”
ETHUD is clearly struggling with the $2725 level, the January 2024 high having bumped into it five times over the last six days. Thus, it is a key level for the Bulls to recapture on a daily closing basis. The colored rectangles show the upside we can expect based on simple symmetry, measured from each warning level for such a breakout.
We remain long-term Bullish on this cryptocurrency, which started its Bull run towards ideally $10+/-2.5K in 2022, contingent on holding above $2150.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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