Ethereum ($ETH) Will It Retract To Its Previous Low? Or Surge

The market scenario for Ethereum closely mirrors that of Bitcoin due to the strong correlation between the two assets. However, a key distinction lies in ETH’s substantially greater potential for growth within the ongoing upward trend, as it has not yet reached its annual high, unlike Bitcoin.

At present, the asset is experiencing sideways trading, fluctuating between the support level at $1,750 and the resistance level at $1,850. For buyers aiming to continue riding the upward trend, the subsequent targets are the $1,875-$1,905 zone and the $1929 mark.

Should a correction occur, ETH may retract to support levels at $1,705, within the $1,630-$1,658 zone, and between $1,590-$1,610. It’s crucial to acknowledge that altcoins tend to suffer more significant losses than Bitcoin during aggressive downturns. Therefore, attempting to “catch falling knives” by placing limit orders to purchase alternative cryptocurrencies is inadvisable. A more prudent approach would be to wait until market conditions have stabilized.