Ethereum, one of the largest altcoins, is expected to see a significant price increase in the coming months, according to the popular crypto analyst. While Ethereum’s price has seen some fluctuation in recent weeks, analysts believe it could reach a target price of $2,400, a level not seen since May 2022, before the Terra (LUNA) ecosystem collapsed.
Here is the possible outlook for the ETH price in the coming weeks.
Ethereum price could drop 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 rise by 50% to reach its target price, but not before dropping to $1,600. He added that this scenario was his “best-case scenario play” for ETH and that it could come back to around $2,400 after the dip to retest the pre-LUNA/UST liquidation level.
Bluntz has a similar take on ETH
Fellow crypto strategist Bluntz shares Kaleo’s outlook, stating that Ethereum could find support around $1,600 before the current corrective move may end. He also believes that a significant reversal candle is needed before longs can be considered, adding that ETH is currently going through a correction.
These bullish predictions come amid reports that the percentage of Ethereum on crypto exchanges has fallen to an eight-year low, with Santiment revealing that the supply of ETH on exchanges is currently at $1,780, the lowest level (10.1%) since public trading began in 2015. is essentially the all-time high for non-exchange holdings, indicating a significant shift in market sentiment towards Ethereum.
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 see a significant rally soon. This could be an excellent opportunity for investors to take advantage of the predicted price increase and potentially capitalize on the market’s upside momentum.