\n\t\t\t\t\t\t\t\t\t“Let’s put in a higher low and higher high if we’re truly ready to run this back,” X user Posty said.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The cryptocurrency market experienced a notable revival over the past several hours, and Ethereum (ETH) is among the top performers.<\/p>\n
Despite its resurgence, though, one popular analyst believes the asset may not be entirely out of the woods yet.<\/p>\n
Cause for Concern<\/h2>\n
The past week has been quite turbulent for ETH, whose price crashed below $3,100 on November 5. In the following days, the bulls made some attempts to reclaim the lost ground, and the major uptick occurred on November 9 when US President Donald Trump promised<\/a> to distribute at least $2,000 to every American outside the high-income bracket.<\/p>\n ETH rose to as high as $3,650 before slightly retracing to the current $3,610 (per CoinGecko\u2019s data), representing a nearly 20% increase from the local bottom witnessed earlier this month.<\/p>\n Despite the pump, however, some analysts warned that the second-largest cryptocurrency remains in a dangerous zone. X user Posty supports that thesis, arguing<\/a> that the \u201cstructure is still in a multi-month downtrend.\u201d<\/p>\n He thinks multiple key levels in and around $4,000 might prevent a more substantial comeback. \u201cLet\u2019s put in a higher low and higher high if we\u2019re truly ready to run this back,\u201d the analyst added.<\/p>\n Ted also outlined<\/a> a rather cautious prediction. In his view, crossing a daily candle above $3,700 could lead to a rally to $4,000, but a rejection may be followed by a drop to the $3,400 support area.<\/p>\n Many others have no concerns and think ETH\u2019s valuation could soon skyrocket to new historic peaks. X user Cas Abbe suggested<\/a> that the asset\u2019s plunge towards $3,000 last week appears to be \u201ca fakeout,\u201d comparing it to the dip that occurred in Q2 this year, which was followed by a 100% rally.<\/p>\n For his part, Ali Martinez envisioned<\/a> the rise to a fresh all-time high of $10,000. However, he assumed that the price could first collapse to $2,000 before exploding to that level.<\/p>\n The low amount of ETH tokens stored on crypto exchanges supports the long-term bullish scenario. Currently, there are fewer than 16 million coins held on such platforms, which is quite close to the nine-year low witnessed earlier this month. The development suggests that investors have been shifting towards self-custody methods, thus reducing the immediate selling pressure and signaling that there are no signs of mass profit-taking.<\/p>\nYou may also like:<\/h3>\n
The Road to a New ATH?<\/h2>\n
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