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Ethereum Needs A Retest Despite Surging Past $3k

Yesterday the markets witnessed quite the surge as the entire crypto market reached the $2 trillion market cap possibly indicating that we are about to go on another famous bull run? Ethereum notably passed $3k again and all of a sudden things appear to be a lot healthier for the crypto markets. However, several experts are recommending that we remain cautious as a retest will be needed if we want to ensure that these prices don’t just represent hopium for investors looking to become rich overnight.

A well-respected crypto analysis who uses this pseudonym Chartpunk believes that this market is currently overheated and that we shouldn’t just jump into buying now as a fall will be the most natural thing to occur here. He shared a chart on Twitter that indicates an unhealthy buying amount that does not usually lead to sustainability in the market. As is often the case with massive days in crypto, a reasonable fall should be expected.

“Do not FOMO into the market. Should you want to join the trend, look for the retest of the entry zone on this chart.”

This sentiment of course is not exactly a new one. After coins like Cardano saw a 16% rise in one day the safe money will always indicate that the next direction is very unlikely to be up but FOMO is a very real thing. If you are familiar with crypto Twitter I don’t need to tell you this. I also don’t need to tell you that when the opposite occurs armageddon is near so on this site we like to find some middle ground.

The best thing that could happen for Ethereum would be a significant drawback to about $2.7k and a few weeks of consolation wouldn’t be a bad thing for the market in general. Others though believe we have already been through enough pain and downward trends and this massive surge is just making up for lost time. I however hold the opinion that a downward trend is far more likely and agree with the sentiment that it could actually be healthier for the entire market.

crypto trader and pseudonymous Twitter user ‘Follis’ also posted a chart where he suggested there was a possibility of Ethereum trading again at $2,600. It appears to be a common consensus that an Ethereum retest is incoming so maybe you might want to hold off on filing your crypto bags for now.

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