Analysts anticipate a “Massive Surge” for Ether to $3.5K as traders gamble on an Bullish uptick

Futures traders are speculating that Ether will rise, citing a “major push” to $3,500 if it maintains a $2,800 weekly closing, according to a crypto analyst.

The price chart of ether is suggesting that it may increase to levels not seen since the introduction of spot Ether exchange-traded funds (ETFs) in July, but analysts think the advance needs to be confirmed by a weekly closing at $2,800.

In a video analysis posted on August 24, cryptocurrency analyst Matthew Hyland stated, “I do think Ethereum is going to see a major push toward this upper $3,500, $3,600 area, which will also propel the alts.” If Ethereum is able to close a weekly above $2,800.

According to CoinMarketCap, the price of Ether ETH $2,747 is currently trading at $2,758, after fluctuating about $2,600 for the past week.

According to CoinGlass data, a 6% decline to $2,600 might wipe out $1.07 billion in long bets, but a similar move upward has traders more confidence, putting only $400 million at danger.

Jamie Coutts, chief crypto analyst at Real Vision, is upbeat about Ether’s price but thinks more network activity from Ethereum is necessary before any big changes occur.

Ethereum will find it difficult to rise in the absence of a spike in activity, even as the conditions are setting up for one. In an Aug. 23 X post, Coutts stated, “Fees are at 4-year lows.”

Layer-2 network adoption “has been strong,” according to Coutts, and worldwide liquidity “is turning higher.”

But not every expert holds the same opinion. Boomer Saraga, the CEO and founder of Khelp Financial, has stated that Ethereum’s onchain activity indicates the network is very close to reaching its maximum efficiency and that the price is the component falling behind.

“Ethereum is hitting record highs from a fundamental perspective, and I anticipate the price to follow,” said Saraga.

Despite the US spot ETFs’ introduction, Ether’s price has been in a substantial downward trend. Ether has decreased by 19.72% since July 25.

Veteran trader Peter Brandt previously told Cointelegraph that two scenarios were given by Ether’s price movement based on two chart patterns: a rising wedge and a five-month rectangle.

In the first, the price of ETH rose above $2,960, offering longs the ideal opportunity to exit.

In the second scenario, the rising wedge was broken in order to maintain the downward trend, and Ether fell to $1,650, the rectangle’s bearish target.

Ether Eyes $3.5K Rise: Analysts Discuss Crucial Weekly Close for Bullish Upswing

Ethereum (ETH) is at a critical point in the constantly changing cryptocurrency ecosystem right now. Analysts are keenly monitoring the weekly close of the digital asset, which is trading close to $2,758, to see if a significant upward push towards $3,500 is imminent. This is a summary of the mood of the market at the moment, the main variables affecting ETH possible trajectory, and the several expert viewpoints forming the story.

The $2,800 Weekly Close: A Crucial Threshold

Crypto analyst Matthew Hyland has expressed strong opinions regarding Ethereum’s prospects for a large price increase provided it can sustain a weekly closing over $2,800. Hyland claims that if ETH is able to maintain this level, it may indicate a “major push” towards the $3,500–$3,600 region. This forecast coincides with futures traders placing more and more bets on an upward trajectory, indicating a growing level of confidence in Ethereum’s capacity to rise above its current trading range.

Based on current market activity and technical indications, Hyland’s study indicates that ETH may be ready for a rebound not witnessed since the introduction of spot ETH exchange-traded funds (ETFs) in July. Ethereum is currently trading between $2,600 and $2,758. Despite this recent volatility, keeping that critical weekly close is the key to realizing this promise.

The Risk of a Downturn

Even while the mood is clearly positive, there are important concerns to take into account. According to CoinGlass statistics, a possible 6% decline to $2,600 may put over $1 billion in long positions at risk. The unstable state of the market conditions at the moment is highlighted by this downside risk. With just $400 million at risk, the upside risk is, nevertheless, comparatively smaller, suggesting that traders are generally more upbeat about the likelihood of a price increase.

Network Activity and Market Dynamics

Jamie Coutts, the head cryptocurrency analyst of Real Vision, has voiced cautious optimism on ETH’s future. Coutts emphasizes the need for more networking in order for a rally to get traction. He points out that ETH fees are at their lowest points in four years, which would indicate a decline in network activity. But he also points out that increasing global liquidity and widespread adoption of layer-2 solutions are encouraging signs that might lead to a price increase.

However, Boomer Saraga, the founder of Khelp Financial, has a more optimistic viewpoint, speculating that ETH is on-chain activity is about to reach peak performance levels. Saraga claims that the pricing is not keeping up with its underlying strength and that an increase in price is anticipated to bring the price into line.

Diverging Views on Ethereum’s Future

There are disagreements in the discussion among analysts. Expert trader Peter Brandt has determined that there are two ways that the price of ETH could move. In the first case, a breakout over $2,960 would be interpreted as a positive signal and the best time to reduce long positions. In the second scenario, the price might drop to $1,650 in the event that the rising wedge pattern breaks. This scenario has a more pessimistic view.

Conclusion

With Ethereum navigating through this crucial phase, the question still stands as to whether it can close above $2,800 on a weekly basis. Although there is a chance for a move towards $3,500, there is also a chance for a decline. Investors should closely monitor network activity as well as technical indicators to determine Ethereum’s likely future path.

Analysts’ continuous disagreement serves as a reminder of the bitcoin market’s intrinsic complexity and volatility. With conflicting predictions and viewpoints, Ethereum’s future is expected to be shaped by a mix of wider market dynamics and technical aspects. As usual, the key for traders and investors attempting to navigate this dynamic and volatile market will be remaining informed and exercising caution.