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Ethereum, one of the largest altcoins, is predicted to see a significant price increase in the coming months, according to the popular crypto analyst. While the price of Ethereum has experienced some fluctuations in recent weeks, analyst believe that it could reach a target price of $2,400, a level not seen since May 2022, before the Terra (LUNA) ecosystem collapsed.
Here’s the possible outlook for ETH Price in the coming weeks.
Ethereum Price could dip to $1,600 before rallying
Kaleo, a well-known crypto analyst, and trader, has shared his optimistic view with his Twitter followers, stating that Ethereum could surge by 50% to reach his target price, but not before dipping to $1,600. He added that this scenario was his “best-case scenario play” for ETH and that after the dip, it could rally back to approximately $2,400 to retest the pre-LUNA/UST liquidation breakdown level.
Bluntz holds a similar outlook on ETH
Fellow crypto strategist Bluntz shares Kaleo’s outlook, stating that Ethereum could find support at around the $1,600 area before potentially ending its current corrective move. He also believes that a significant reversal candle is necessary before any longs can be considered, adding that ETH is currently experiencing a correction.
These bullish predictions come amid reports that the percentage of Ethereum on crypto exchanges has plunged to an eight-year low, with Santiment revealing that ETH’s supply on exchanges is currently at $1,780 the lowest level (10.1%) since public trading began in 2015. This is essentially the all-time high for non-exchange holdings, indicating a significant shift in the market sentiment towards Ethereum.
So, what does all this mean for Ethereum’s future prospects? while Ethereum is currently trading at $1,811, the positive outlook shared by these crypto analysts suggests that the price could soon experience a significant rally. This could be an excellent opportunity for investors to take advantage of the predicted surge in price and potentially benefit from the market’s upward momentum.