Ethereum recently faced a significant drop, but a CryptoQuant analyst sees potential for growth.
Current State of the ETH Market
In recent days, the Bitcoin and altcoin markets have been experiencing declines. Ethereum (ETH) suffered one of the largest losses.
Four Signals from the Analyst
Institutional investors, seeing this decline as a buying opportunity, increased their purchases. A CryptoQuant analyst states that ETH is extremely undervalued, and a possible price recovery is imminent.
Forecast and Current Status
The analyst states that these four situations are bullish signals for ETH. When these factors come together considering macroeconomic conditions, sideways movements are possible. However, the potential for an upward trend in the near future remains strong. Ethereum continues to trade at $2,630 at the time of writing.
Ethereum might be experiencing temporary difficulties, but analysts see potential for recovery due to market changes and actions by institutional investors. This can be a significant factor for future price movements.
