Bitcoin (BTC), Ethereum (ETH) and Altcoins have been declining significantly recently. Bitcoin is approaching the $110,000 level, while Ethereum is below $3,400.
The decline has strained investors, but Eugene’s analysts said Ethereum has experienced a short-term decline but its long-term outlook remains strong.
Saying Ethereum’s bullish outlook (ETH) continues, analysts said ETH may be in the midst of a short-term pullback, but the data will not disrupt the long-term bullish outlook.
Reports from South Korea-based Eugene Investmens show that Ethereum continues to have strong potential for a rise.
Eugene analyst Joe Tena said he hopes Ethereum will continue to maintain the uptrend in the long term due to the inflow of ETFs and increased demand.
Analysts also said a combination of increased on-chain activity, reduced supply and influx of institutional investors reinforces the basics of the network.
He added that there is a possibility of a short-term revision of Ethereum due to the acquired signal, but this will not affect the long-term rise.
In this regard, Joe said the purchase of large facilities by companies such as Sharplink Gaming and Bitmine Immersion Technologies has also helped to maintain long-term upward pressure on ETH prices.
Ethereum continues to rise!
Separately, Chinese analyst Eugene A-A-Sio also said he is maintaining his bullish expectations for Ethereum.
The analyst shared that in his personal channel the market has been extremely challenging these days, but in the end he managed to get through it without any problems.
After almost giving up on the bottom, analysts said they decided to continue the rise in Bitcoin recovery, taking into account recovery from $112,000.
Hoping Ethereum will again rise to $3,800-4,000, analysts also announced that he has once again achieved a long position at Ethereum.
Analysts noted that $113,000 for Bitcoin and $3,500 for Ethereum are looking at $3,500 as reasonable entry points, and that stop loss orders are below $112,000 and $3,400, respectively.
*This is not investment advice.
