- Pioneer altcoin ETH could see another dip to bottom at $3,500- $3,600 price range.
- This dip will mark the bottom before ETH price can rally.
- Strong ATH pumps expected for ETH in Q4, starting in October.
The crypto market has been in a state of price decline since both the pioneer crypto asset, Bitcoin (BTC), and the pioneer altcoin asset, Ethereum (ETH), set their latest ATH prices last month. With the latest dip today, analysts are trying to see when the price of BTC and ETH will bottom before a rally. One states that ETH could see another dip to bottom at $3,500 – $3,600 price range before recovery and new ATHs.
ETH Could See Another Dip to Bottom at $3,500 – $3,600
The price of Ethereum (ETH), the pioneer altcoin asset, went on to set its latest ATH price just 10 days after BTC set its latest ATH in the month of August. In detail, the price of ETH set its latest ATH in the $4,900 price range, just above its previous ATH set in the $4,800 price range 4 years ago. This meant that the price of ETH had finally, for the first time this cycle, entered its price discovery phase.
However, instead of ETH price delving further into price discovery, the price of ETH started to dwindle, falling further and further with additional dips. Specifically, the price of ETH fell as low as $4,100, and today fell to the $3,900 price range, losing its $4,000 price level. This led analysts to believe that the expected correction phase for the month of September had already begun. Now, they are trying to see how far the price of ETH will fall before a rally.
As we can see from the post above, this reputed crypto analyst remarks how the market has been obliterating ETH longs since the price fell below its latest ATH record. The expert goes on to call this correction an HTF cyclical resistance and concludes that this is why ETH got rejected on the first try. He then preaches patience and says that short liquidity is building up above with a retest of the resistance coming up in October , a month expected to usher in epic price surges, confirming that ETH will set a new ATH price in Q4.
Final Dip Before a Recovery to New ATHs Expected
As we can see from the post above, analysts expect ETH to follow a plan hinted at by a wick to $3,500 to $3,600 level just to liquidate more long trades. The analyst then suggests that this retest means the worst part is almost over, and next we should see ETH pumping to new ATHs in late October. He advices traders not to panic and just survive for 15-20 more days, as the market nears its parabolic run phase.
Another analyst adds key levels to watch out for, which is the support at $3,822, ETH’s recent low. If this breaks, the next downside target could be around $3,700 – $3,750, and the resistance at $3,960 – $4,000 (near MA10 & MA30). Breaking and holding above that would be the first bullish sign, he concludes. Another analyst expects the bottom is in for ETH and reveals adding more long trades.
