Ethereum (ETH) price has been moving in a sideways trend following the collapse of the crypto exchange FTX. While investors await for buying Ethereum from the bottom levels, crypto analysts believe $1,170 would be a good price to buy for the long term.
Buy Ethereum Before You Miss the Bus
Ethereum (ETH) price is currently trading above $1,200 and looks positive. Since November, the ETH price is bouncing off the $1,170 level, trying to rally over $1.3K. The most important thing to note here is that the ETH price is in upward momentum since November and holds above $1,200 mostly.
Crypto analyst Michael van de Poppe asserts the markets are in a bear market for 19 months already. Especially, altcoins have been crashing since May 21 despite the Solana (SOL) and Polygon (MATIC) cycle. He predicts that a first higher-low on higher time frames will be an indication of a relief run.
Michael van de Poppe also believes that $1,190 would be a good level for longs on Ethereum. For confirmation, await for the Ethereum price to drop to near the $1,170 support level and rebound over $1,200 again. However, despite the positive signs from the markets, indices as well as the U.S. Dollar Index (DXY) show weakness.
“Still, pretty much waiting for a scenario like this on ETH, in which we most likely retest before continue. Positive signs coming from the markets past few days, but no continuation as indices are showing weakness (while DXY shows the same).”
According to Michael van de Poppe, the ETH price can rally above $1,280 by the end of this year.
Crypto analyst Rekt Capital suggests that investors can buy Ethereum near $1,170 for the long term. Bitcoin price holding above $17,150 will be key for confirmation of an upcoming rally.
Also Read: Analyst Predicts Bitcoin (BTC), ETH, ADA, LINK Price For New Year 2023
Month-End Scenario For Ethereum (ETH) Price
Ethereum price currently trades at $1,216, up nearly 1% in the last 24 hours. Also, the 24-hour low and high are $1,206 and $1,224, respectively.
While the expectations of a Santa Claus rally are less this time, Ethereum price may rally to $1,280 near Christmas or near the New Year 2023.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.