Newton Projects Bullish Ethereum Outlook
Key Takeaways
- Fundstrat’s Mark Newton anticipates Ethereum could reach $5,100 and possibly $5,400-$5,450 if momentum continues.
- Ethereum is expected to find a bottom near $4,300 shortly, creating a positive risk-reward scenario.
Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors, expressed optimism for Ethereum, stating it is likely to bottom around $4,300 within the next 12 hours before starting a new bullish trend. He observed that maintaining support above $4,067 is crucial for sustaining this optimistic outlook and preventing the invalidation of short-term bullish trends.
Resistance is expected near $5,100, but a significant breakout could see Ethereum reach up to $5,400–$5,450.
> “ETH presents an excellent risk/reward proposition. I am doubtful it will break its current trend or fall below $4,067 from August 18, which would undermine a near-term bullish stance,” he stated.
Ethereum was trading at approximately $4,400 at the time of this report, experiencing a decline of over 7% within the past 24 hours due to a general market correction that saw Bitcoin dip below $110,000. Bitcoin last traded around $109,782 based on CoinGecko data.
Additionally, BitMine Immersion, managed by Tom Lee, holds over 1.7 million ETH valued at about $7.5 billion, having procured an extra 190,500 ETH last week, affirming its status as the largest corporate holder of Ethereum.
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