Ethereum (ETH) has recently experienced a pullback, and the market is beginning to question its upward momentum. However, Tom Lee, co-founder of the well-known Wall Street institution Fundstrat, quoted the views of his technical analysis executive Mark Newton, stating that this pullback is a healthy adjustment, which will instead create new entry opportunities.
Mark Newton pointed out that the current consolidation of ETH may continue for 1-2 days, but it is expected to form an ideal risk-reward ratio in the range of $4075-$4150, which is the 'best entry zone' for the medium to short term. Subsequently, Ethereum is expected to challenge $5100 again, refreshing its slight new high.
Mark Newton correlates the current trend with the Elliott Wave Theory, believing that the current pullback is a normal correction and does not require excessive concern. At the same time, he added that Bitcoin (BTC) may not fall below $111,900, with the opportunity to rise to the range of $130,000 to $140,000 afterward. In this regard, Tom Lee emphasized on social media that 'pullbacks are healthy', calling for the market not to panic due to short-term fluctuations.
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