Poseidon, an independent analyst, said that Ethereum had already experienced its "last drop" last weekend, falling to $2,382, but immediately recovered to above $2,500 within 48 hours. The trader explained that ETH regained the 200-day EMA level in an 8-hour timeframe, and that the weekend's drop was a "bear trap/deviation", with a "minimum retracement point" likely at $2,500 before hitting a new all-time high. "If it stays above $2,600, I will add more long positions," the analyst said. "I still believe this range will eventually break out to the upside."