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Home»Altcoins»The price of Ethereum (ETH) could increase by 50% in the coming weeks – here’s why
Altcoins

The price of Ethereum (ETH) could increase by 50% in the coming weeks – here’s why

2023-05-14No Comments2 Mins Read
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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.

This is still my best scenario to play for $ETH.

Dive to $1600s then run it back to ~$2400 to retest the breakdown level from before LUNA/UST liquidation. pic.twitter.com/xOavFhIxFF

— KALEO (@CryptoKaleo) May 11, 2023

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.

eth is absolutely torn apart at the moment.

not too sure what i’m looking for, probably somewhere between 1600-1700 and even then i want to see a very important reversal candle$eth pic.twitter.com/FQlkgXjyJt

— Bluntz (@Bluntz_Capital) May 12, 2023

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.

See also  Bitcoin Price Consolidates Losses, Why 100 SMA Is Key to Recovery

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.



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