According to a cryptocurrency analyst, Ether (ETH) might reach $3,500 if it manages to settle at $2,800 each week. Futures traders are already placing bets on this upward trend. At $2,758 now, the price of ether may rise to heights not seen since the introduction of spot Ether exchange-traded funds (ETFs) in July.
However, analyst Matthew Hyland believes that a closing above $2,800 is necessary to validate the move.A weekly close above $2,800 could start a major push toward the $3,500 to $3,600 level, according to Hyland, who stressed this in an analysis video released on August 24. This might also help alternative cryptocurrencies, or alts.
Ether Faces Potential Decline Risks
According to data from CoinGlass, a 6% decline to $2,600 may wipe out $1.07 billion in long bets, but an equivalent upward move would make traders more upbeat as only $400 million would be at stake.
Real Vision’s chief crypto analyst Jamie Coutts thinks that any significant price change in Ethereum requires a rise in network activity, even in the event of a rally. While the stage is set for a rally, Coutts pointed out in a post on August 23 on X that Ethereum’s fees are at four-year lows, signaling slow network activity. He also mentioned the robust adoption of layer-2 networks and the increasing level of global liquidity.
Not all analysts, though, share this viewpoint. The founder and CEO of Khelp Financial, Boomer Saraga, contends that while ETH on-chain activity suggests the network is approaching peak performance, the price is still trailing behind. Saraga believes that the robust fundamentals of Ethereum will eventually cause its price to catch up.
Since the introduction of spot ETFs in the United States, ETH price has experienced a notable decline, falling 19.72% since July 25. Peter Brandt, a seasoned trader, recently outlined two possible outcomes: Ether either falls down further, targeting a drop to $1,650 based on current chart patterns, or rises beyond $2,960, offering an excellent exit for longs.
