Binance News
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Ethereum Expected to Rebound After Recent Market Correction
According to BlockBeats, Tom Lee recently shared insights from Mark Newton, an analyst at his fund, regarding Ethereum's market performance. Newton suggests that the recent downturn in the crypto market is not a cause for concern, predicting that Ethereum will bottom out in the next one to two days before rising again to reach $5,500. From September 25 to October 7, Ethereum experienced a strong technical rally, followed by a minor three-wave correction, which is expected to conclude by October 11, leading to a renewed upward trend.
Currently, Ethereum has retraced 50% of its recent gains but may dip further to the $4,200-$4,220 range, which Newton identifies as a strong support zone before the cryptocurrency resumes its upward movement.
It is important to note that while Newton has previously made accurate predictions about Ethereum's trajectory, on September 16, he anticipated that Ethereum would not fall below its previous low of $4,233 and might drop to $4,418 or $4,375 over the weekend, suggesting a buying opportunity during this weakness. However, Ethereum briefly dipped to $4,054 shortly thereafter.
Currently, Ethereum has retraced 50% of its recent gains but may dip further to the $4,200-$4,220 range, which Newton identifies as a strong support zone before the cryptocurrency resumes its upward movement.
It is important to note that while Newton has previously made accurate predictions about Ethereum's trajectory, on September 16, he anticipated that Ethereum would not fall below its previous low of $4,233 and might drop to $4,418 or $4,375 over the weekend, suggesting a buying opportunity during this weakness. However, Ethereum briefly dipped to $4,054 shortly thereafter.
