Ether to $3.5K ‘major push’ among traders, analyst sees rise
Ether's price chart is showing signs it could rise to levels not seen since the launch of spot Ether exchange-traded funds (ETFs) in July, but analysts believe a weekly close of $2,800 is needed to confirm the move.
“If Ethereum can close above $2,800 on a weekly basis, I think Ethereum will see a big push towards this high of $3,500, $3,600, which will encourage alts,” crypto analyst Matthew Hyland said in an August 24 analysis video.
According to CoinMarketCap, the price of Ether (ETH) is currently trading at $2,758, after trading around $2,600 for a week since August 17.
Ether is up 3.35% in the last 24 hours. Source: CoinMarketCap
A 6% drop to $2,600 could wipe out $1.07 billion in long positions, while a corresponding upward move should give traders more confidence, with only $400 million at risk, according to CoinGlass data.
Meanwhile, Jamie Coates, chief crypto analyst at Real Vision, is bullish on Ether's price, but says Ethereum network activity needs to pick up before any significant movement occurs.
“While rally conditions are forming, Ethereum will struggle to rally without reviving activity. Fees are at 4-year lows,” Coates wrote in an August 23 post. They highlighted.
However, not all analysts are of the same opinion. Boomer Saraga, founder and CEO of Kelp Financial, says recent Ethereum onchain activity suggests the network is approaching its peak performance, with price lagging behind.
“From a fundamental point of view, Ethereum is reaching a peak, and I expect the price to follow,” Saraga explained.
Related: ETH Dencun upgrade attracts more L2 bots and failed txs: Galaxy Research
Although the spot ETF was launched in the United States, the price of Ether has been declining significantly. Since July 25, Ether has decreased by 19.72%.
Cointelegraph recently reported that veteran trader Peter Brandt said that Ether's price action presented two scenarios based on two chart patterns: a five-month rectangle and a rising wedge.
The first involves the ETH price rising above $2,960, which provides a perfect long-term exit point.
The second view includes a rising wedge breakdown to continue the downward trend, Ether has dropped to $ 1,650, the target of the rectangle.
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