Recent changes in the cryptocurrency market have led to significant price drops for Bitcoin and Ethereum. Despite this, analysts remain optimistic about the future of these assets.
Current State of the Crypto Market
Bitcoin (BTC) and Ethereum (ETH) have faced substantial price declines in recent days. Bitcoin is approaching the $110,000 level, while Ethereum has fallen below $3,400. This decline has caused concern among investors.
Long-term Outlook for Ethereum
According to Eugene Investments, Ethereum has experienced a short-term decline, but its long-term outlook remains strong. Analyst Jo Tae-na expressed that the bullish trend for Ethereum continues and expects ETH to grow further due to inflows and increasing demand. He noted that the combination of increased on-chain activity, decreasing supply, and institutional investment is strengthening the network's fundamentals.
What's Next?
Analyst Eugene Ng Ah Sio also maintains a bullish expectation for Ethereum. He noted that despite the challenging market conditions, ETH could rise again to the $3,800-$4,000 level. Certain levels at $113,000 for Bitcoin and $3,500 for Ethereum are seen as reasonable entry points for investors. However, he emphasized that stop-loss orders have been set below $112,000 and $3,400, respectively.
Despite recent fluctuations in Bitcoin and Ethereum prices, analysts see potential for long-term growth in these cryptocurrencies based on positive fundamental factors.
