Ethereum Price Projected to Reach $2,700 Amidst Wyckoff Accumulation Completion

Crypto analyst Incognito predicts Ethereum may rise to $2,700 as Wyckoff accumulation nears completion, despite its recent underperformance. Furthermore, analysts forecast a bullish reversal, with highs of $4,200 or even $6,000-$8,000 by year-end. Ethereum is currently trading at around $1,639, up nearly 2% in the last 24 hours.

Recent predictions from crypto analyst Incognito suggest that Ethereum’s price may surge to $2,700, driven by the nearing completion of a Wyckoff accumulation pattern. Despite Ethereum’s recent underperformance and a dip in its market share, the analyst emphasises that maintaining support could trigger a breakout from a falling wedge pattern. The immediate target for this breakout is $2,499, with $2,700 remaining a significant long-term target.

However, Incognito advises caution, warning that this anticipated breakout may serve as a trap for sellers, indicating that traders should consider taking profits. In conjunction with Bitcoin’s attempt to reclaim the $90,000 mark, Ethereum’s price could find new local highs, reflecting their positive correlation.

In another analysis, Ali Martinez noted that Ethereum is entering a pivotal week as the TD Sequential indicator has flashed a buy signal, hinting at a potential momentum shift. For a new bull rally, Martinez indicates that Ethereum needs to break through a supply wall at $2,330, where substantial selling pressure exists, given that 12.62 million addresses have acquired 68.63 million ETH in that price vicinity.

Titans of Crypto suggests that Ethereum may have already reached its price bottom or is nearing one, noting the asset’s progression within a major ascending channel, which could lead to a price rise up to $4,200. A similar view is echoed by analyst Hardy, who believes that Ethereum may have bottomed out based on a bullish weekly candle close, suggesting a rally potential that could reach as high as $4,300.

If Ethereum manages to reclaim the $4,000 mark, it may set the stage for an ascent toward a new all-time high (ATH), with analyst Crypto Patel forecasting prices between $6,000 and $8,000 by the year’s end. As of now, Ethereum is trading at approximately $1,639, reflecting a 2% increase in the past 24 hours, as per CoinMarketCap data.