Analysis by CredibleCrypto indicates that this range may be the perfect entry point for investors as Ethereum prepares for a potential breakout.
Currently, Ethereum is trading at $3,209 and is slightly above the lower boundary of its 10-month consolidation range. After a brief rise to a local high of $3,716, Ethereum underwent a correction, which analysts believe is part of a broader accumulation process.
This prolonged sideways movement is viewed as a precursor to a bullish trend, aligning with historical patterns observed before major price rallies in the cryptocurrency market.
CredibleCrypto has identified a demand zone on the long-term timeframe (HTF) between $2,400 and $2,800 as the "ideal buying zone." This area is considered a critical support level where the risks of a decline are minimal, and the potential for significant growth is substantial.
“I don’t think you can go wrong buying some ETH in the HTF demand zone at the range lows. This area is between $2400-$2800. It’s the best zone to buy ETH,” says CredibleCrypto.