Ethereum To Move Sideways For 2-3 Months? Analyst Says Longer ETH Consolidation Is Needed

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Ethereum To Move Sideways For 2-3 Months? Analyst Says Longer ETH Consolidation Is Needed - NewsBTC

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The trader asserted that a "longer consolidation leads to a sustainable rally.” Similarly, analyst Ted Pillows stated that Ethereum is holding its uptrend support level, which suggests that the $4,000 breakout is just "a matter of time,” which could lead to a retest of the 2021 all-time high (ATH).

To DocXBT, "There’s nothing for ETH to do except go sideways for an extended period of time.” He added that it could continue hovering within its current range for two to three months "before we can bring trends down, flip them, and maybe get bullish again.” ETH’s $4,000 Breakout Just A Matter Of Time’ Crypto trader Mikybull pointed out ETH’s bullish pattern in the longer timeframes.

Crypto analyst Ali Martinez noted that Ethereum needed to hold the $2,600 support, a crucial level for the cryptocurrency, to continue within its multi-year ascending channel.