Ethereum Potential fall provides the Ideal Long Entry, Analyst claims

Ethereum prices have been slowly declining over the past 24 hours, with their volume in the chain as assets decrease further, and ETH is now in danger of breaking below a critical level of short-term support, which It may mean that the capitulation period is imminent.

Despite this, a leading analyst points out that he believes that any possible price drop for both Ethereum and Bitcoin in the short term can only be a bear trap that allows traders and investors a perfect long entry. It also provides with.

Ethereum Grinds Lower as it Nears Key Short-Term Support Level

At the time of writing, Ethereum is trading just 2% below its current price of $ 182, indicating a significant drop from its 24-hour high of $ 246 scheduled yesterday.

The downward movement of Ethereum today comes with the same movement as bitcoin, which reached a high of $ 9,400 overnight before starting a short-term downtrend, sending it to $ 9,200.

Today's concern is simply an extension of the hectic trading period experienced by the crypto markets accumulated in recent days and weeks, and Ethereum is currently trapped in a trading range between $ 180 and $ 192, with the first price being a level of important support that has been strong on several occasions during the last weeks.

ETH has experienced a decrease in trading volumes during the past week, which has fallen even more today, and Tokenanalyst said it has lost almost 34% in the last 24 hours.

4H #ETH network statistics: Price: $ 183.54 (+ 0.9%). Chain volume of $ ETH: $ 192M (-33.7%). Active sender: 198K (-17.1%). Active recipients: 87K (-6.3%), "he explained.

Analyst: ETH price drop can provide ideal long entry

Mayne, a popular cryptocurrency analyst on Twitter, said in a recent tweet that he believes that any short-term failure for both Ethereum and bitcoin can simply be a bear trap, following an important move. Leads, which would mean that the next fall could occur is an ideal time to lengthen the cryptocurrency.

"$ BTC and $ ETH are consolidating. I think if we separate, it will be a bear trap what you want to do for a long time. I hope that the bears speak under all my sharp messages, sentimentality will show well. Those who speak without meaning they are the same people who will rebuild their place over $ 10k, ”he explained, referring to the chart below.
In the next few hours and days there is a possibility that Ethereum and other cryptos may leave their recently established commercial limits or not, or if consolidation is imminent.