It’s been a decent month in February for Ethereum (ETH) so far. The coin is climbing from its January lows and in fact, it managed to pierce through the crucial $3000 mark. But as momentum built, ETH has pulled back, dropping below $3000 once more. Here are some highlights:
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After hitting lows of around $2100 this year, ETH has surged in February, at one point rising to $3800.
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But the crypto market pullback we have seen has pushed ETH below $3000 in a sharp decline.
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At press time, the mega-cap coin was trading at $2878, down by nearly 7% for the day.
Data Source: Tradingview
Ethereum (ETH) price analysis – Can it bounce back to $3500
The recent pullback in the price action was largely expected. It’s a very common occurrence when markets go on a bull run. Ethereum (ETH) still remains in a bullish trend even with the recent drop.
In fact, after dropping to nearly $2000, we have seen a massive rally with the coin falling short of the $4000 during the February run. But despite this, ETH has dropped to $2800. We expect ETH to consolidate around that price before bouncing back towards $3500 in the coming days.
There is however a risk of a trend reversal here. After all, ETH has gained over 50% from its lows in January. We may see a mini correction of that bullish surge before the coin rises again.
Should you buy Ethereum (ETH) now?
Yes, you should consider buying Ethereum right now. It is likely that the coin may never dip to these levels again. After all, sentiment will eventually improve over the coming months, and ETH will grow. If you are thinking of buying and holding it for at least a year, then this is the time to get in on the action.
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