Ethereum flashes buy signs amid whispers of ‘massive bear trap’: Analysts

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 in an X post on Thursday that the recent price decline in Ether () was a “little deeper than expected.”

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

Ether traders eye $5,000 before year-end

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, to CoinMarketCap.

Pseudonymous crypto trader Ash Crypto 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%, 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,” crypto trader Gordon.

Other traders 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. 

Ether sentiment turns bullish 

It comes as Ether traders on after the token’s price saw a slight bump on Thursday, despite the rest of the crypto market remaining fearful amid a wider downturn.

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The on social media was sparked after Ether nearly reached $3,500 on Thursday, which traders interpreted as a positive sign that the token was back on track, market intelligence platform Santiment in an X post. 

The Crypto Fear & Greed , which measures overall crypto market sentiment, posted an “Extreme Fear” score of 24 out of 100 on Friday.

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