Following a sharp decline to $4200, Ethereum is once again attracting analysts' attention, who anticipate significant market changes.
Ethereum's Correction
After reaching records in 2021, Ethereum (ETH) faced a correction, dropping to $4200. This drop occurred as the market showed optimism due to Bitcoin's (BTC) growth.
Market Analysis and Investment Activity
Popular cryptocurrency analyst Ali Martinez noted in his analysis on platform X that Ethereum has entered the squeeze zone of the Bollinger Bands. "Ethereum's Bollinger Bands have narrowed sharply and entered 'squeeze' territory. It could make a big move soon," he commented. The narrowing of the bands typically signals the market's readiness for significant price changes. Additionally, it has been reported that institutional investors continue to actively purchase ETH. New wallets have withdrawn 78,229 ETH worth $342 million in the last 24 hours.
Potential Price Movement
Furthermore, senior analyst Trend Research, who previously sold ETH at a lower price, has resumed purchases. It has been recorded that the company bought 9,377 ETH worth $41.37 million from Binance. "Trend Research is buying back ETH at a higher price than two months ago," the report states.
Thus, given the activity of institutional investors and current market conditions, there is a high likelihood that Ethereum may experience significant movement soon. Analysts continue to monitor the situation.
