Why ex-Goldman strategist thinks Ethereum (ETH/USD) already bottomed out

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One Ethereum The (ETH/USD) bull run is just around the corner, according to former Goldman Sachs strategist Raoul Pal. According to Pal, Ethereum is likely to bottom out in June. He says that once there is liquidity in the market, the price will go up, and the analyst expects ETH to outperform BTC.

When asked about the recent collapse of crypto exchange FTX, the ex-Goldman guru says that big price moves happen at such times. He believes that “the sleep of despair is widespread, because everyone loses their mind.” In his view, the Ethereum network continues to grow, which should be understood as a bullish catalyst.

According to the views of popular crypto analyst Benjamin Cowen, the comments may not be received in the same quarters. According to Cowen, ETH has the potential to reach $600. He refers to the roughly 95% drawdown in 2018 for ETH. In his view, if history repeats itself and ETH drops just 87%, it will already be at $600. The analyst says that the price is when ETH’s logarithmic regression band fits its “non-bubble data”.

Apparently, at press time, ETH is trading at $1,289. The level traded slightly above the key $1,230 support. Recently, the cryptocurrency was trading close to the June low at $1,080. Should we be seeing more recovery?

ETH recovering from support after recent drop

Source – TradingView

On the daily chart, ETH is moving from an oversold price below $1,100. The RSI reading has moved up but remains below the midpoint. This shows that there are still more sellers for ETH at the important support.

Will ETH go down or up?

Aside from controversies over ETH’s lower value, the token has shown resilience when crypto sentiment is right. ETH has consistently defended the June lows, underlining that investors view the price as attractive. This gives the cryptocurrency a real chance to recover from the level.

On the other hand, larger concerns remain. We have seen the coin fall to new lows in the year following the FTX fiasco. In our view, the journey for ETH down from the June lows will be associated with a macro development. positive sentiment will allow eth price To stay higher from the June low.

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