RATE Group | Potential Ethereum Dip Provides Ideal Long Entry, Claims Analyst
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Potential Ethereum Dip Provides Ideal Long Entry, Claims Analyst

03 Nov Potential Ethereum Dip Provides Ideal Long Entry, Claims Analyst

Posted at 20:34h in Ethereum News by

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Ethereum’s price has been slowly grinding lower over the past 24-hours which comes about as the asset sees an even further decline in its on-chain volume, and ETH is now at risk of breaking below a key short term support level, which could mean that a period of capitulation is imminent.

In spite of this, one prominent analyst is noting that he believes that any potential price dip for both Ethereum and Bitcoin in the near-term could simply be a bear trap that provides traders and investors alike with an ideal long-entry.

Ethereum Grinds Lower as it Nears Key Short-Term Support Level

At the time of writing, Ethereum is trading down just under 2% at its current price of $182, which marks a notable drop from its 24-hour highs of $186 that were set yesterday.

Ethereum’s downwards movement today comes concurrently with a similar movement by Bitcoin, which hit highs of $9,400 overnight before it began a short-term downtrend that has sent it to beneath $9,200.

This bearishness today is…

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