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Ethereum (ETH) Set for Resurgence, Analysts Predict Bullish Momentum

Ethereum (ETH) Set for Resurgence, Analysts Predict Bullish Momentum

A well-known crypto analyst and trader suggests that Ethereum (ETH) may experience a surge similar to levels seen approximately a year ago.

According to the analyst Kaleo, Ethereum could rise to $2,400, a level last reached in May of 2022 before the Terra (LUNA) ecosystem collapsed.

However, Kaleo also notes the possibility of a temporary dip in Ethereum’s value to around $1,600 before experiencing a 50% increase toward the target price.

Kaleo explains, “This represents my most optimistic scenario for ETH. It may temporarily drop to the $1,600 range, only to rebound and approach $2,400, testing the level prior to the LUNA/UST liquidation breakdown.”

Another crypto strategist named Bluntz shares a similar perspective on ETH. Bluntz believes that Ethereum, the second-largest cryptocurrency in terms of market capitalization, could find support around the $1,600 range before potentially concluding its current corrective movement.

Bluntz expresses uncertainty: “ETH is currently facing significant selling pressure. I am uncertain about the ideal entry point for long positions, but possibly somewhere between $1,600 and $1,700. Even then, a substantial reversal candle would be necessary for confirmation.”


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The analysts’ viewpoints on Ethereum coincide with a recent report from a reputable analytics firm, which reveals a decrease in ETH’s supply on crypto exchanges. Santiment states that the proportion of Ethereum held on exchanges has reached an eight-year low.

Santiment reports, “As Ethereum’s value temporarily drops to $1,780 today, the supply on exchanges continues to decline. The amount of ETH held on exchanges is currently at its lowest point (10.1%) since public trading commenced in 2015. This marks a record high for non-exchange Ethereum holdings.”

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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