Will Ethereum Price Break $2,800? Analyst: Rise to $3,600 is Not Out of the QuestionAccording to Cointelegraph, Ethereum price charts are currently showing a potential rise to levels not seen since the launch of the first spot Ethereum ETF in July. However, analysts say a weekly close above $2,800 is necessary to confirm this move
Will Ethereum Price Break $2,800? Analyst: Rise to $3,600 is Not Out of the Question
According to Cointelegraph, Ethereum price charts are currently showing a potential rise to levels not seen since the launch of the first spot Ethereum ETF in July. However, analysts say a weekly close above $2,800 is necessary to confirm this move.
Crypto analyst Matthew Hyland pointed out in a video analysis on August 24th that if Ethereum closes above $2,800 on a weekly basis, he believes the price will surge to the $3,500 to $3,600 range, also causing other altcoins to rise. This judgment is based on his observation that Ethereum price has broken through the $2,600 resistance level over the past week and shows strong upward momentum. He believes that if the price can break through $2,800 further, it will confirm the bullish trend and provide impetus for further gains.
According to CoinMarketCap data, Ethereum is currently trading at $2,758, having fluctuated around $2,600 for the previous week and rising 3.35% since August 17th. CoinGlass data shows that the price drop to $2,600 could have resulted in the liquidation of $1.07 billion in long positions, while a similar upside move poses less risk with only $400 million at risk.
While many analysts are optimistic about Ethereum's price trend, they also highlight the conditions that need to be met for the price to rise. Jamie Coutts, Chief Crypto Analyst at RealVision, believes that while the conditions for a rise are forming, Ethereum will struggle to rise before activity picks up. In an August 23rd X post, he pointed out that Ethereum network activity is low, with fees at a four-year low, which limits price gains.
Boomer Saraga, founder and CEO of KhelpFinancial, however, believes that on-chain activity on Ethereum shows the network is close to peak performance, and prices are lagging. He explained that fundamentally, Ethereum is reaching new historical highs, and prices are expected to rise accordingly.
It is worth noting that despite the launch of the first spot Ethereum ETF in the United States, the price of Ethereum has fallen 19.72% since July 25th. Cointelegraph recently reported that veteran trader Peter Brandt stated that Ethereum price has two scenarios: one where it breaks through $2,960, offering the perfect exit point for bulls; the other where the ascending wedge pattern breaks, causing the price to fall to $1,650.
Overall, whether Ethereum price will break $2,800 and continue to rise depends on several factors, including market sentiment, network activity, regulatory policies, etc. Analysts have different opinions on Ethereum's future price trend, and investors need to carefully assess the risks and make rational investment decisions.
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