The second-largest cryptocurrency has rallied by double digits over the past week amid the broader market’s resurgence, surging to well above $2,700.
Most analysts are optimistic the revival could turn into a full-blown bull run, with some projecting a move to a new all-time high.
The Next Targets
X user Wealthmanager believes ETH should reach $3,000 “relatively soon.” They claimed there is little resistance between $2,750 and $3,000, adding that “the next impulse up is just a matter of time.”
Popular analyst Michael van de Poppe argued that Ethereum is entering an “interesting zone,” stressing that rising above its current levels could lead to a completely new phase.
“If this area breaks, the next area of resistance is likely $3,400, and that would mean that we’re back into a new range. I don’t think we’ll see anything sub $2,000 in the near future again,” he said.
Trader Tardigrade spotted an inverse head-and-shoulders setup on ETH’s 3-day chart, assuming the asset is primed for a massive breakout, and projecting a rally to $4,100.
X user Gerla appears to be among the biggest optimists, maintaining that the cryptocurrency is still “ridiculously early in this move” and forecasting a potential explosion to a new historical peak of $10,000.
“The next Ethereum run could surprise a lot of people,” he added.
Meanwhile, ETH investors have been abandoning Binance at a pace not seen in three years. The development reduces immediate selling pressure, reflects a longer-term holding strategy, and strengthens the bullish price scenario.
Bull Trap?
Of course, not everyone is certain that the cryptocurrency will keep pumping. Earlier this month, X user DANNY claimed ETH is setting up for “a huge trap” and envisioned potential capitulation to $1,500 and reaching a cycle bottom by the end of the year. The analyst who goes by Midas echoed a similar prediction, envisioning a retest of the $1,700-$1,800 range and then a drop to as low as $1,400.
“But I still don’t expect ETH to make the same kind of new cycle lows as BTC. ETH has been showing much stronger relative structure, and I still think it will outperform once this correction is finished. There is just one major downside target left to clear before the real expansion starts. So, short-term, I’m bearish on ETH. Long term this setup can become one of the strongest opportunities of the cycle,” they added.
Source: CryptoPotato
