Recent reports suggest that the current low point of Ethereum (ETH) presents an excellent opportunity for traders looking to accumulate the second-largest digital asset in terms of market cap.

ETH accumulation time is here

A well-known crypto strategist, known as Credible Crypto, has stated that Ethereum has already reached the bottom of the bear market. Credible Crypto, who has over 345,900 followers on the social media platform X, believes that Ethereum has established a price floor after last week’s marketwide correction.

The analyst predicts that Ethereum will break out from an ascending triangle pattern as long as it maintains its immediate support level of around $1,440.

“I think it’s worth pointing out that on this latest dip, we hit the high timeframe zone that I previously said would be a ‘fantastic buy’ if we get there back in May, and my opinion on that hasn’t changed.

If I’m right about BTC, then I’m likely right about ETH too, and that green zone below us was likely our bottom.

As long as it holds, I expect this ascending triangle-like structure to actually play out.”

After analyzing the trader’s chart, it seems that Ethereum will likely remain between $1,600 and $2,000 for the remainder of the year before experiencing a significant upward trend in early 2024.

However, Credible Crypto has a different perspective and believes that Bitcoin will reach a new all-time high before the end of this year. He also predicts that Ethereum will closely follow in Bitcoin’s footsteps.

Although he is bearish on ETH/BTC in the short term, he is optimistic about ETH/USD and expects it to be one of the first altcoins to rise along with Bitcoin.

New opportunity to buy the dip

In other recent news, Raoul Pal believes that institutional buyers will take advantage of this opportunity to buy the dip, thereby establishing a market bottom. Pal also notes that retail investors have been bullish this year, but big banks have not.

As a result, the correction in equities may prompt institutional investors to cover their underwater shorts and go long, providing a floor for equity prices.

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