- Crypto analyst predicts temporary pullback for Ethereum’s price.
- Tony refrains from taking long position, awaits substantial pullback.
- Anticipated dip below local low of $1,840 before subsequent surge.
The renowned crypto analyst and trader, Crypto Tony, has made a shrewd prediction regarding Ethereum’s price. Tony says a temporary pullback is on the horizon before the much-awaited rally. To avoid being stopped, Tony has refrained from taking any long position on Ethereum. Instead, he patiently awaits a substantial pullback to make a calculated long entry. His astute analysis and strategic approach have earned him a reputation as a seasoned professional in the crypto world.
During his presentation, Tony delved into his meticulous analysis of the 2-hour ETH/USD chart, skillfully pinpointing the crucial support and resistance zones. Based on his astute projections, he anticipates a dip below the local low of $1,840 before a subsequent surge. Tony attributed this expected drop to a recent corrective upswing, followed by an additional downward movement before the price ascends. His insightful analysis provided valuable insights for the audience.
ETH is exhibiting a lateral trend on the daily chart, consolidating its position after attaining a yearly peak of $2,140 in April. Tony’s anticipated downward movement is beneath the local support established on May 23, precisely one month after ETH’s pinnacle for the year.
If Tony’s projection is not met, there is a likelihood of ETH experiencing a further decline, which could result in the bears exerting more pressure towards the lower support regions at $1,760 and $1,737. Conversely, if Tony’s projection is realized, the bulls may exhibit more vigor, propelling ETH’s price upwards and potentially achieving a new yearly high.
At the time of composition, ETH was exchanging hands at $1,904, showcasing an impressive 60.4% surge since the start of the year. Enthusiasts eagerly anticipate an altcoin season that could kickstart the next bullish phase, potentially preceding the highly anticipated Bitcoin halving event.
Although Tony’s analysis did not explicitly predict an extended bull run for Ethereum, the anticipated pullback before the rally indicates a potential for bullish entries. These entries can inject significant momentum into the market, potentially leading to an extended rally towards higher prices. It is important to note that this analysis is purely speculative and should be approached professionally and cautiously.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
