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Ex-Goldman strategist believes that Ethereum has already bottomed. Technical outlook

An Ethereum (ETH/USD) bull run is around the corner, according to former Goldman Sachs strategist Raoul Pal. Pal believes that Ethereum will likely hit its bottom in June. According to Pal, once liquidity is available, prices will rise. Analysts expect ETH to surpass BTC. When asked about the collapse of crypto exchange FTX, the former…


An Ethereum (ETH/USD) bull run is around the corner, according to former Goldman Sachs strategist Raoul Pal. Pal believes that Ethereum will likely hit its bottom in June. According to Pal, once liquidity is available, prices will rise. Analysts expect ETH to surpass BTC.

When asked about the collapse of crypto exchange FTX, the former Goldman guru said that such times are preceded by big price movements. According to him, “the lows are pervasive as everyone loses his mind.” He also believes that the Ethereum network continues growing which should be seen as a bullish catalyst.

The comments might not be received in exactly the same quarters according to popular crypto analyst Benjamin Cowen. According to Cowen, ETH will likely hit $600. He refers to the 2018 drawdown of about 95% for ETH. In his view, if history repeats itself and ETH falls just 87%, it will be at $600 already. The analyst says the price is when ETH’s logarithmic regression band fits its “non-bubble data.”

Apparently, ETH trades at $1,289 as of press time. The level is slightly above key support of $1,230. Recently, the cryptocurrency traded near the June lows at $1,080. Is there a chance of a further recovery?

ETH is recovering from support after the recent drop

ETH/USD Chart by TradingView

On the daily chart, ETH is pushing from an oversold price below $1,100. Although the RSI reading is now higher, it remains below its midpoint. This indicates that there are still many sellers of ETH at this crucial support.

Will ETH proceed lower or higher?

Despite the controversy surrounding ETH’s lowest price, the token has proven resilient when crypto sentiment is right. ETH has always defended June’s lows, underlining the fact that investors consider the price attractive. This gives cryptocurrency a chance to recover from this level.

On the other hand, macro concerns still linger. In the year following the FTX fiasco, we have seen tokens hit new lows. We believe that ETH prices will fall below June’s lows if they are not affected by macro developments. Positive sentiment will allow ETH price to stay elevated from the June lows.

Where to buy ETH

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Buy Ethereum with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp, a fully-regulated company, offers users an intuitive interface and high levels of security for digital assets. It also provides excellent customer support. There are many withdrawal options.


Bitstamp ETH today


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