Ethereum Price Around $1.720: Analyst Sees Chance of a Lifetime

While most crypto traders currently prefer to ignore Ethereum, analyst @cryptokans is keeping a close eye on the coin. Ethereum is currently at $1.720, up 1.5% in the past 24 hours, but sentiment around the second-largest cryptocurrency remains outright negative. And that is precisely why the analyst believes a big opportunity lies ahead.

Ethereum is available at OKX and Bybit.

The most hated coins make the wildest comebacks

In a post on X, @cryptokans openly admits that the previous cycle was a disappointment for Ethereum. The coin underperformed almost everything, and the community makes that clearly known.

“Nobody wants to talk about ETH right now,” writes the analyst, “and that’s exactly why I’m watching it closely.”

“Nobody wants to talk about ETH right now,” writes the analyst, “and that’s exactly why I’m watching it closely.”

His reasoning is simple: the most hated assets often lead to the most explosive recovery rallies. On the weekly chart, Ethereum can be seen to be in a large support zone around $1.521. a level that served as a bottom in several previous cycles. Two resistance zones lie higher, around $2.400 and $3.200. and the previous cycle peak is marked at $4.950,

Accumulation around $1.500 as a long-term strategy

The analyst says he will be accumulating over the coming months, with the ideal entry zone around $1.500, At those levels, the risk/reward ratio for long-term positions is, in his view, simply too good to ignore. A further decline to that level would, from a chart perspective, be a retest of a support zone that has held for years.

For those who have been following Ethereum news for a while, this story may sound familiar. Yet it is interesting that the negative sentiment is now being used as a bullish signal. Whether the Ethereum recovery rally actually materialises is of course uncertain, but the chart shows that the coin has historically made significant upward moves from similar levels.