Analyst: Ether's ‘lowest retracement’ before hitting all-time high could be $2,500
Independent analyst Poseidon said Ether had experienced its ‘last drop’ to $2,382 over the weekend, but immediately rallied above $2,500 within 48 hours. The trader explained that ETH recovered its 200-day EMA level in an eight-hour timeframe, and that the weekend's decline was a ‘bear trap/deviation’ with a ‘minimum retracement’ of $2,500 possible before hitting a new all-time high. If it stays above $2,600, I will add more positions,’ the analyst said. I still believe this range will eventually break out to the upside.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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