Technical analysis by AlgoVesting about Symbol ETH: Buy recommendation (4/29/2025)

Buying ETH on the spot market now could be a good opportunity if prices are near support ($1,800–$2,500) and technical indicators signal a bottom. Ethereum’s strong fundamentals and upcoming catalysts (Pectra, ETFs) support a hold strategy, with $6,494 as a viable profit-taking target in a bull run. Holding beyond $6,494 could capture further upside for long-term holder, but secure profits incrementally to hedge against volatility.Only for SPOT Market!!!Some news for my own consideration:Pectra Hard Fork (April 2025): The upcoming hard fork, set for May 2025, is a significant bullish catalyst. It will enhance Ethereum’s scalability, security, and user experience, potentially attracting more developers and users.Spot ETH ETFs: Ethereum’s U.S. spot ETF approval is a major milestone, with analysts noting its potential to drive demand. Posts from July 2024 suggested the market underestimated ETF impacts, which could materialize in 2025.Market Volatility: Ethereum faced significant declines, hitting its lowest level since November 2023 in March 2025 (down 15% in 24 hours). However, it showed resilience trading above $1,800 amid stock market turmoil in April 2025.Whale Activity: Large ETH holders have been active, with some selling for profits before market crashes (e.g., $399M moved in February 2025). This suggests potential price suppression but also opportunities to buy during dips.Broader Crypto Market: Bitcoin’s rally to $90,000 in April 2025 amid a turbulent stock market has spilled over to altcoins like ETH, supporting a bullish sentiment. A pause in U.S. tariffs also lifted risk sentiment, benefiting ETH.