With this massive correction and fear in the market driving Ethereum to this support level, the analyst claimed that the altcoin is undervalued now. Related Reading: Ethereum Price Forms Megaphone Bottom Not Seen Since 2020, Here’s What Happened Last Time His analysis suggests that now might be a great time to accumulate ETH as the Ethereum price could rebound from this historical support.
His accompanying chart showed that ETH could bounce from this $1,800 support and enter phase 3 of the Wyckoff chart, sending its price to as high as $6,800, a new all-time high (ATH). Related Reading: Ethereum Price: Analyst Predicts Most Hated Rally In Crypto’ At the time of writing, the Ethereum price is trading at around $1,800, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Therefore, if BTC recovers from this range, ETH will unlikely drop to that $1,400 level. ETH’s Dominance Is On The Decline, But History Could Repeat Itself In an X post, crypto analyst Rekt Capital revealed that ETH’s dominance has dropped from 20% to 8% since June 2023 as a result of the Ethereum price dump.
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