Crypto Analyst Projects Lower ETH Price Before Rallying Upward

Crypto analyst and trader known on Twitter as Crypto Tony has predicted a pullback in Ethereum’s price before an anticipated rally. Tony explained that he was not in any long position on Ethereum to avoid being stopped out. However, he waits for a solid pullback to find a long entry.

$ETH / $USD – Update

Still not in a position on #Ethereum due to being stopped out. Ideally i want to get into a long position once we see a solid pullback pic.twitter.com/xRgqo4o7SZ

— Crypto Tony (@CryptoTony__) June 3, 2023

Tony explained his analysis using a 2-hour ETH/USD chart, identifying the key support and resistance areas. From his projection, he expects ETH to drop below the local low at $1,840 before rallying higher. Tony indicated the reason for expecting a drop ahead of the rally was a recent corrective move up. After that, there would be another leg down overall before the price continues upward.

ETH is trending sideways on the daily chart in a consolidating move after reaching a yearly high of $2,140 in April. Below Tony’s projected leg down is local support established on May 23, exactly one month after ETH achieved the year’s high.

If the price falls below Tony’s projection, we might see ETH fall further. The bears will push further toward lower support regions at $1,760 and $1,737, respectively. However, if Tony’s projection gets upheld, the bulls could show more strength. They will push ETH’s price higher with the possibility of registering a new yearly high.

ETH traded at $1,904 at the time of writing, marking a 60.4% rally since the beginning of the year. Users anticipate an altcoin season that would usher in the next bull cycle, probably ahead of the upcoming Bitcoin halving event.

Tony’s analysis did not mention an extended bull run for Ethereum. However, the expected pullback before the rally suggests the anticipation of more bullish entries. The entries could inject significant momentum into the market. Such an injection, if achieved, will probably lead to an extended rally toward higher prices.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source