While this decline has made investors nervous, the Eugene analyst said that Ethereum has experienced a short-term decline but its long-term outlook remains strong.
Stating that the bullish outlook for Ethereum (ETH) continues, the analyst said that ETH may be in the middle of a short-term pullback, but the data does not disrupt the long-term bullish outlook.
A report from South Korea-based Eugene Investmens indicated that Ethereum continues to have strong upside potential.
Eugene analyst Jo Tae-na stated that they expect Ethereum to maintain its uptrend in the long term due to ETF inflows and increasing demand.
The analyst also stated that the combination of increased on-chain activity, decreasing supply, and institutional investor inflows is strengthening the network’s fundamentals.
He added that while there is potential for a short-term correction for Ethereum due to overbought signals, this does not impact the long-term uptrend.
On this point, Jo noted that large-scale institutional buying by companies like SharpLink Gaming and BitMine Immersion Technologies is also helping to maintain long-term upward pressure on ETH prices.
Apart from this, Chinese analyst Eugene Ng Ah Sio also stated that he maintains his bullish expectation for Ethereum.
The analyst shared on his personal channel that the market had been quite challenging in recent days, but eventually got through it without any problems.
The analyst said that after nearly giving up at the bottom, he decided to continue his rise considering Bitcoin’s recovery from $112,000.
Now expecting Ethereum to rise to $3,800-$4,000 again, the analyst also announced that he has once again taken a long position in Ethereum.
Noting that he sees $113,000 for Bitcoin and $3,500 for Ethereum as reasonable entry points, the analyst noted that stop-loss orders have been set below $112,000 and $3,400, respectively.
*This is not investment advice.
Continue Reading: Chinese Analyst and Analysis Firm Reveals Expectations After Ethereum’s Drop! How Might ETH Move Next?
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Author: NixCoin
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