First let's look at it TECHNICALLY....
You know that last days when there was a negative impact in the whole world market, it also affected the crypto due to which Ethereum took a negative side move. The price was around $3,100 and it crashed down to $2k in the last few days. As I have marked, there is a major support nearly at $2,100 for Ethereum.
Ethereum is recovering its price after entering this support, Along with this you must also look at the EMA 200 line, if the price is below it, it acts as a resistance, if above it, it acts as a good support, if up Ethereum. If you buy now, it will be an early investment of yours, if it goes down, you can DCA.
And if you use Fibonacci tool on Ethereum chart then it will give you a GOLDEN Buying Area and Ethereum price is also trading in this golden area at this time. This golden buying zone can also be confirmed by using rainbow chart.
If you look at another very important technical thing, which is Liquidations, Ethereum's liquidation is over $50 Million at the time that. These liquidations are on the upside and you know that liquidation is the fuel or oxygen of the market. And the market always grab it. Wait 🫷 but the market respects its other technical's as well like support or resistance etc.
Now The Fundamental Breakthrough :
The 2 most important things about the price of Ethereum, First of all, that Ethereum's spot ETF have been Approved. When the news of its approval was going on and before the approval, if you go back a little bit, then you will see that Ethereum had made huge green candles in the market, but after that, the price of Ethereum start decreasing Ethereum's price is still under pressure but you don't have to worry Because when Bitcoin spot ETF. The price of Bitcoin was also under pressure for a few weeks. Bitcoin then made an upward move. It's because of the spot ETF. I think Ethereum will break its all-time high which is $48,90 in this bull run. ETHEREUM Spot ETF will allow big Institutional investors and Large Banks to invest in it.
The second thing is that if Donald Trump wins the November presidential election in the United States, it will affect the entire crypto market. At the moment, his chances of winning are around 50 to 55 percent if he becomes president. And from what he have said, if he do that there is no doubt that we will see the price of Bitcoin trading not in the thousands, but in the Millions of dollars, which will have an impact on the entire market and the price of Ethereum in particular will also be appreciated.
Disclaimer:
All this I have just told you, it seems to me that if you really want to invest in Ethereum, then according to me, this is a very good time. You can know more about this by doing your own research. If anyone wants to give his opinion, he or she can share it in the comments😉
I could be wrong so Always "DYOR"
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