A widely followed crypto analyst and trader believes Ethereum (ETH) could rise to levels last seen about a year ago.
Pseudonymous crypto analyst Kaleo tells are 586,700 Twitter followers that Ethereum could rise to $2,400, a level last reached in May 2022 before the Terra (LUNA) ecosystem collapsed.
However, Kaleo also says that Ethereum could first drop to $1,600 before rising about 50% to its target price.
“This is still my best case scenario for ETH.
Dive to $1,600, then feed it back to around $2,400 to retest the pre-LUNA/UST liquidation breakdown level.
Meanwhile, fellow crypto strategist Bluntz has a similar take on ETH.
According to Bluntz, it could be the second largest crypto asset by market capitalization find support around the $1,600 area before potentially ending the current corrective move.
“ETH is absolutely being torn apart right now.
Not sure where I would look for longs, probably somewhere between $1,600 – $1,700 and even then I would like to see a very significant reversal candle.
The analysts’ take on Ethereum comes as a leading analytics company reveals that the supply of ETH on crypto exchanges is dwindling.
According to Santiment, the percentage of Ethereum on crypto exchanges submerged to an eight-year low.
“While Ethereum has dropped to $1,780 today, we have seen the exchange supply continue to decline. The percentage of ETH on exchanges is the lowest (10.1%) since public trading began in 2015. This is essentially the all-time high for unlisted holdings.”
Ethereum is trading at USD 1,811 at the time of writing.
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey
