finbold.com
Amid the massive bullish move by the vast number of assets in the cryptocurrency industry, Ethereum (ETH), as the second-largest cryptocurrency by market capitalization, is no exception, having rallied over 10% in the last seven days alone. So, is it too late to invest in it?
As it happens, renowned crypto trading expert Ali Martinez recently argued that Ethereum above $2,000 might just be a “prime buying moment” for the digital asset, considering that traders purchased a large volume of ETH around this price level, as Finbold reported on December 4.
Over $3,500 in cards?
Earlier, the professional crypto trader highlighted that Ethereum securing a “sustained weekly candlestick close above $2,150” could pave the way “for an exciting uptrend,” setting the price targets at $2,600 and at $3,500 afterward, as he explained in his chart pattern analysis.
More recently, the crypto analyst CoinsKid observed Ethereum’s corrective flag from April to September, arguing it indicated that the asset “should be trying to tap the upper red line in time,” referring to the price level at $3,602 in his analysis shared in an X post on December 6.
It is also worth pointing out that the crypto analytics platform Santiment has witnessed signs of ‘fear of missing out’ (FOMO) on Ethereum as open interest and longs increase, leading to its market value eclipsing $2,250 for the “first time since May 11, 2022,” or nearly 19 months.
Ethereum price analysis
As things stand, Ethereum is currently trading at the price of $2,280.76, recording a 3.40% gain on the day, as well as increasing 10.24% across the previous week and making a 20.88% advance on its monthly chart, according to the most recent data on December 6.
In conclusion, considering its historical price action and analyses, there might still be time to invest in Ethereum. However, the asset looks to be making strong bullish attempts that could go even stronger in the near future under the right market sentiment, so the price might not stay at these levels for long.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.