Ethereum Likely Go Fall Below $3,500 After ATH Rally, Analyst Talk
Benjamin Cowen wey be crypto analyst don give Ethereum price prediction wey talk say e go retrace go the 21-week exponential moving average (EMA), wey don drop below $3,500, after ETH spike reach new all-time highs. Dis kain Ethereum price retracement pattern wey dey happen since April, normally dey come before another rally. Cowen talk make traders watch out for possible bull trap near $4,900. Meanwhile, one whale buy $1 billion worth ETH—wey make total staked holdings reach $3.5 billion—and spot ETF products get inflows of 286,000 ETH last week. Traders suppose dey watch Ethereum price for 21-week EMA support level and spot ETF flows for signs on where market dey go.
Bearish
Cowen forecast say make ETH price pull back below $3,500 dey show say short-term bearish pressure dey on top ETH. Similar pullback wey happen after new ATHs—like the one for April—don always cause temporary dips before e resume upward trends. The warning of possible $4,900 bull trap fit cause false breakouts and more selling. But, strong whale buys and big spot ETF inflows fit provide base support. Short term, expect high volatility and possible stop-loss triggers; long term, the correction fit help consolidate gains and set ground for the next rally.