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Cryptocurrency News Articles

Ethereum Retraces 9% From Recent Highs, But This Analyst Sees a Prime Accumulation Opportunity

Nov 01, 2024 at 11:30 pm

Ethereum is trading at $2,500, following a 9% pullback from recent highs after it failed to establish a higher high above $2,820. This retrace has sparked renewed interest among investors, with top analyst and investor Carl Runefelt sharing a technical analysis that points to a promising setup for accumulation.

Ethereum Retraces 9% From Recent Highs, But This Analyst Sees a Prime Accumulation Opportunity

Top crypto analyst and investor Carl Runefelt has shared a technical analysis indicating a promising setup for accumulating Ethereum (ETH) as the cryptocurrency trades within a bullish pattern following a recent pullback.

Runefelt's analysis suggests that this retracement presents a prime opportunity for long-term holders to acquire more ETH ahead of a potential rally.

Fresh off its all-time highs, Bitcoin (BTC) has been attempting to break into new record territory. Should BTC achieve this feat, it would confirm a new bull run, likely bringing ETH along for the ride.

The crypto community is eagerly waiting to see if Ethereum can hold its ground above $2,400 and eventually surpass resistance at $2,820, potentially setting the stage for higher gains.

Given Ethereum's current levels and consolidation phase, a decisive move could unfold soon, making it a crucial time for ETH's trajectory in the broader market cycle.

After lagging behind Bitcoin and several other altcoins, which have seen more robust price action recently, Ethereum's performance has drawn attention from analysts and investors.

Top analyst Carl Runefelt recently shared an in-depth technical analysis on ETH, highlighting the cryptocurrency's current formation around an ascending support level, suggesting that ETH's price could present one of the best accumulation opportunities before a potential rally.

Runefelt's analysis highlights a crucial ascending support level of around $2,450, which has remained intact despite Ethereum's price pullbacks, maintaining a bullish structure.

He notes that if Ethereum continues to trend down, this support could serve as an attractive entry point for long-term investors seeking to accumulate ETH while it's relatively undervalued. The chart formation suggests a possible price floor, which, if met with buying pressure, could catalyze a move toward higher levels.

On the upside, Ethereum faces a key resistance at $2,800. Runefelt notes that breaking this resistance could trigger a significant upward move, potentially aligning ETH with broader market trends if BTC breaks into new all-time highs.

If Ethereum successfully clears the $2,800 level, it would confirm the bullish pattern and likely fuel a surge in price action.

This breakout could signal that Ethereum is ready to catch up to Bitcoin and outperform altcoins, creating a more favorable outlook for ETH in the broader market landscape.

The next few days will be crucial for Ethereum's trajectory as it continues to hold above the ascending support level.

Traders and investors are watching closely to see if ETH can break out of its recent underperformance and reclaim its position as an altcoin leader.

After failing to hold above the 4-hour 200 moving average (MA) at $2,530, ETH slipped below this MA, indicating a crucial level of support.

If ETH fails to find demand at these lower levels, it could continue to slide down, potentially breaking through crucial support levels and leading to a deeper correction in price.

However, if ETH manages to find support around the $2,450 level, it could avoid a deeper drop.

If buyers step in and manage to keep ETH above this level, it would signal a positive shift in momentum.

An even stronger bullish indicator would be if ETH rebounds and pushes above the $2,550 level, which would help restore confidence in the asset and signal a potential recovery phase.

Such a move could mark the end of the retrace and position ETH for further upside in the coming sessions.

However, until the price finds solid footing, ETH remains vulnerable to further declines, making this a pivotal moment for the asset’s short-term outlook.

News source:www.newsbtc.com

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