Is Now a Good Time to Invest in Ethereum?
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An on-chain analyst is bullish on Ethereum (ETH), highlighting an attractive risk-reward scenario for potential investors.
Ali Martinez sees ETH forming a promising ascending channel on its weekly chart. He believes the risk-to-reward ratio is favorable for long positions, with a stop set below $1,880 and a price target of $6,000.
Martinez’s analysis indicates that ETH is currently resting on the lower trend line of this ascending channel, which serves as a support level, and could soon challenge the upper boundary around $6,100.
In contrast, fellow trader Benjamin Cowen warns that historical trends suggest Ethereum might drop to its logarithmic trendline, potentially hitting as low as $1,000.
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He points out that past cycles show ETH often bottoms out in the fourth quarter, suggesting that a return to this trend may occur within a couple of months. Cowen recalls similar patterns from 2016 and 2019, where ETH reached lower logarithmic correction trendlines before rebounding.
As of now, ETH is trading at approximately $2,442, reflecting a 0.6% decline over the past day.
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