Is now the last chance to buy Ethereum?
Compared with Bitcoin ($BTC), which has repeatedly broken new highs, the recent price trend of Ethereum ($ETH) has undoubtedly disappointed many investors. After breaking through the $3,000 mark, $ETH once experienced a strong rebound trend, but Subsequently, it failed to break through 3,500 several times, and even fell back to near the key support level.
The performance of being out of touch with the broader market has caused many people to question whether Ethereum can really usher in a bull market. However, some experts believe that this period of downturn may be just the calm before the storm. Well-known analyst Carl Runefelt even bluntly stated that Ethereum is on the verge of a major breakthrough and may usher in an astonishing rise in the next few weeks.
Analyst: 8 months of accumulation will end
Carl Runefelt pointed out that Bitcoin has led to a historic high, successfully attracting the attention of institutional investors. The focus of institutional allocations in the cryptocurrency market often centers on assets like Ethereum, which have practical application scenarios. The well-known fund management company BlackRock chose Ethereum to launch its first tokenized fund BUIDL, which well demonstrates this point.
Carl Runefelt believes that the current price trend's weakness is merely a temporary phenomenon. From a technical standpoint, Ethereum has been in a continuous accumulation phase for 8 months and is currently in the final stage of breaking through the main supply area, firmly holding above the critical 200-day moving average, which is located near $2,955 and is viewed as a strong support zone.
Image source: Analysis chart by X Carl Runefelt
Moreover, the 50-day and 200-day moving averages shown in the daily chart are about to form a 'golden cross' pattern, which is typically viewed as a strong signal for a market reversal upward. If Ethereum can stabilize above the $3,000 mark, the next target will be the key resistance level of $3,450.
Looking at 'this point' after the breakout
Carl Runefelt stated that prices below $3,450 for Ethereum may be investors' 'last entry opportunity.' Once successfully broken through, the market could welcome a new wave of buying momentum, propelling Ethereum ($ETH) rapidly up to a new high of $6,000.
Image source: Analysis chart by X Carl Runefelt
Another analyst, Wolf, is more optimistic about the future market. He believes that after 2.5 years of continuous accumulation, Ethereum may see an increase of over 200% and is expected to challenge the $10,000 price level after breaking through: "Over the past 2.5 years, $ETH has maintained strong momentum, and its lows have been consistently rising. Yes, progress has been slow, but building momentum takes time; once you finish 4 kilometers, you can start the race."
Image source: Analysis chart by X Wolf
For general investors, although the recent price volatility of Ethereum may be unsettling, the coming weeks will be a critical moment for the Ethereum market. If $ETH can steadily break through $3,450, it is likely to open a path to new highs.
However, amidst the market's high spirits, investors must remember not to overlook risk factors and should fully consider market volatility and their own risk tolerance before making decisions.
[Disclaimer] The market carries risks, and investments should be made cautiously. Analyst views are for reference only; users should refer to more diverse indicators to determine whether to invest and consider whether any opinions, views, or conclusions in this article align with their specific situation. Invest at your own risk.
'Is now the last chance to buy Ethereum? Analyst: 8 months of accumulation will end, looking at 'this point' after the breakout.' This article was first published in 'Crypto City'
