BlockBeats News, October 10, this morning, Tom Lee retweeted his fund analyst Mark Newton’s latest view on Ethereum. Mark Newton believes that the recent pullback in the crypto market in the past few days is not to be feared, expecting Ethereum to bottom out in the next 1-2 days, then rise again and rebound to $5500. From September 25 to October 7, ETH experienced a strong technical uptrend, followed by only a slight three-wave correction, expected to end the adjustment and resume the uptrend by October 11.
「Currently, ETH has retraced 50% of its recent gains, but may continue to dip to the $4200-$4220 range, which will be an excellent support area, after which ETH will rise again.」
It is worth noting that although Mark Newton has made accurate predictions about Ethereum’s trend before, on September 16, Mark Newton stated, “It is expected that ETH will not drop below the previous low of $4233, and may fall to $4418 or $4375 over the weekend, taking advantage of this weakness to buy on dips. ETH is expected to rise to $5500 by mid-October.” However, Ethereum subsequently experienced a short-term drop to $4054.
