We have been covering Ethereum’s price action in our ETH news section over the past couple of days. As you know, the price of the biggest altcoin has been closely tracking the one of Bitcoin in recent times, leading it to experiencing some bearishness overnight as the cryptocurrency now nears the lower $180 region. However, one analyst believes that all future Ethereum dips before the Istanbul hard fork are an opportunity that must be capitalized.
The truth is, the bearishness of Ethereum will likely change, analysts are noting. Each of the price dips is worthy of being bought, which comes about as ETH’s Istanbul hard fork quickly approaches.
At the time of writing, ETH is trading down by roughly 1% at its current price of $182 which marks a new retrace from the daily highs of $187 that were set two days ago. The momentum looks lost and ETH’s slight sell off has come in the $180 region which proved to be a support region for the cryptocurrency.
According to the analyst named TraderXO, all future Ethereum dips prior to the Istanbul hard fork are an opportunity that must be seized and capitalized. As long as ETH keeps holding above the key support region, he said that “any substantial dip is a buy” for him.
ETHUSD – Any substantial dip is a buy for me
Nothing macro bearish here until price closes below the range lows pic.twitter.com/IHiW7kM66K
— TraderXO (@TraderX0X0) November 14, 2019
Another popular analyst with a handle @GalaxyBTC pointed out that this time of the year is typically a volatile one for Ethereum and other cryptocurrencies. However, he thinks that this volatility will favor Ethereum’s bull action.
“That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again,” he explained.
— Galaxy (@galaxyBTC) November 14, 2019
What’s interesting is the fact that there may be future Ethereum dips before the hard fork – but now traders are wondering if the analysts are right – and if they should see them as potential buying opportunities.
All in all, the coming few hours and days will definitely play a huge role in determining Etheruem’s future trends as any sustained bullishness in the near term could spark the next major uptrend. For now, ETH is locked at $182 and just like the rest of the market and the altcoin news today, looks sluggish and lazy.
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