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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.<\/p>\n
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.<\/p>\n
X user Wealthmanager believes ETH should reach $3,000 “relatively soon.” They claimed<\/a> there is little resistance between $2,750 and $3,000, adding that “the next impulse up is just a matter of time.”<\/p>\n Popular analyst Michael van de Poppe argued<\/a> that Ethereum is entering an “interesting zone,” stressing that rising above its current levels could lead to a completely new phase.<\/p>\n “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.<\/p>\n<\/blockquote>\n Trader Tardigrade spotted<\/a> 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.<\/p>\n X user Gerla appears to be among the biggest optimists, maintaining<\/a> that the cryptocurrency is still “ridiculously early in this move” and forecasting a potential explosion to a new historical peak of $10,000.<\/p>\n “The next Ethereum run could surprise a lot of people,” he added.<\/p>\n<\/blockquote>\n Meanwhile, ETH investors have been abandoning<\/a> 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.<\/p>\n Of course, not everyone is certain that the cryptocurrency will keep pumping. Earlier this month, X user DANNY claimed<\/a> 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.<\/p>\n “But I still don\u2019t 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\u2019m bearish on ETH. Long term this setup can become one of the strongest opportunities of the cycle,” they added.<\/p>\n<\/blockquote>\n The post Ethereum (ETH) Soars 15% Weekly and Now Enters an ‘Interesting Zone:’ Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
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Bull Trap?<\/h2>\n
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