With the majority of the cryptocurrency sector trending sideways, Ethereum (ETH), as its second-largest asset, is no exception, currently changing hands around $1,660, but indicators suggest that its bottom is likely behind us, with a possible upside in the near future.
Specifically, the latest dip for Ethereum below $1,570 was likely the high timeframe (HTF) zone that the pseudonymous crypto analyst CrediBULL Crypto earlier in May referred to as the ‘fantastic buy’ area, according to the analysis shared on August 22.
As the expert also specified, as long as this pattern holds, the current ascending triangle-like structure could actually play out, expecting it to be one of the first altcoins to follow the lead of Bitcoin (BTC) to the upside despite the bearish attitude on ETH/BTC pairing in the short term.
Finally, the analyst suggested waiting to see how Bitcoin as the lead will move in the coming days and whether or not it would warrant further confidence in the above bullish scenario playing out for Ethereum. Considering that Bitcoin has recently entered its fourth ‘bull box,’ which could lead it to a new all-time high (ATH) in the next couple of years, it could also be a bullish signal for its runner-up.
Ethereum price analysis
As things stand, Ethereum is presently trading at the price of $1,663.77, which demonstrates a decline of 0.45% on the day, as well as a 9.66% drop across the previous week, in addition to plummeting 11.43% over the past month, as the most recent charts on August 22 indicate.
Meanwhile, crypto trading expert Ali Martinez has recently warned that Ethereum dropping below the $1,600 – $1,550 zone could increase its risk of crashing to $1,000, adding to his earlier predictions of a possible dump before the second-largest cryptocurrency by market capitalization could recover.
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