Key Takeaways
- Fundstrat’s Mark Newton expects Ethereum to backside close to $4,300 inside the subsequent 12 hours, presenting a powerful risk-reward setup.
- Ethereum’s bullish outlook stays intact if it stays above key help at $4,067, with upside potential towards $5,400.
Ethereum appears set to backside close to $4,300 inside the subsequent 12 hours earlier than resuming its uptrend, mentioned Mark Newton, Managing Director and Head of Technical Technique at Fundstrat World Advisors, in a current word shared by Thomas “Tom” Lee.
Resistance is anticipated close to $5,100, in response to Newton, with potential for Ethereum to succeed in $5,400–$5,450 on a breakout. Sustaining help above $4,067 would maintain the bullish thesis intact and invalidate short-term bearish views.
“ETH is an excellent threat/reward right here. I’m extremely skeptical it breaks this development nor breaks 4,067 from 8/18. THAT’S what’s required to suppose a bullish stance near-term is mistaken,” he famous.
Ethereum was buying and selling close to $4,400 at press time, down greater than 7% previously 24 hours amid a market-wide correction that pushed Bitcoin beneath $110,000. The biggest digital asset final modified arms at round $109,782, per CoinGecko information.
BitMine Immersion, Lee’s Ethereum treasury firm, holds greater than 1.7 million ETH valued at roughly $7.5 billion. The agency added 190,500 ETH final week, cementing its place as the most important company holder of the coin.
