Ethereum Flashes Buy Signs Amid Whispers Of ‘massive Bear Trap’:...

Ether’s price fell a “little deeper” than one analyst expected, but said it is still a “great area” to be accumulating the asset.

Ether may have entered a prime accumulation zone, with analysts suggesting the recent pullback could soon reverse.

MN Trading Capital founder Michaël van de Poppe said in an X post on Thursday that the recent price decline in Ether (ETH) was a “little deeper than expected.”

“Still a great area to accumulate positions on ETH,” he added.

Ether is down 13.61% over the past seven days, falling as low as $3,099 on Tuesday before recovering to $3,337 at the time of publication, according to CoinMarketCap.

Pseudonymous crypto trader Ash Crypto said ETH’s price “looks like a massive Bear trap” and was hopeful the token would reach $5,000 before the end of the year.

November has historically been Bitcoin’s top-performing month since 2013, but Ether’s average return during the same period is comparatively weaker at 5.76%, according to CoinGlass.

It was only a month ago, on Oct. 7, that Ether was trading just shy of that level at around $4,740.

Some market participants anticipate the token will return to that price level soon. “You are about to witness one of the greatest reversals we have ever seen on ETH,” said crypto trader Gordon.

Other traders said that a “supply crunch” could potentially cause an upward price movement, pointing to the diminishing supply of Ether on crypto exchanges as a strong contributing factor.

Source: CoinTelegraph