Analysts predict Ethereum could rally towards $2,700 due to Wyckoff accumulation nearing completion. Indicators suggest further momentum, pending a breakout of resistance levels. There is optimism about ETH potentially reclaiming its previous highs and possibly hitting $6,000 to $8,000 by year-end. Currently, ETH is valued at approximately $1,639, with relevant technical indicators suggesting potential bullish trends.
Ethereum’s price is anticipated to surge towards $2,700, as per crypto analyst Incognito, who highlighted that the Wyckoff accumulation phase is nearing completion. He stated that a breakout from the falling wedge pattern could see Ethereum targeting $2,499 initially and potentially reaching as high as $2,700. However, he cautioned that this rally might be a trap for sellers, urging investors to consider taking profits.
Furthermore, the price of Ethereum may ascend to new local highs if Bitcoin sustains its bullish momentum, as evidenced by the positive correlation between the two cryptocurrencies. Analyst Ali Martinez noted that the TD Sequential indicator has flashed a buy signal, indicating a possible momentum shift in ETH. He also suggested that Ethereum must break the supply wall at $2,330 to secure a new bullish phase amid significant selling pressure at that level.
Analyst Titan of Crypto opined that Ethereum might have reached its bottom, as it progresses within a large ascending channel on macro charts. He projected a potential rally to $4,200, signalling a bullish reversal. Hardy expressed a similar outlook, pointing out that the positive weekly candle close could signal a reversal near the current support levels, with a target of $4,300.
Should Ethereum reclaim the $4,000 threshold, it may catalyse a surge towards a new all-time high. Analyst Crypto Patel has optimistically projected that ETH could reach between $6,000 and $8,000 by year-end. Currently, Ethereum is trading around $1,639, reflecting a 2% increase in the past 24 hours, according to CoinMarketCap data.
