Ethereum is making a comeback! After climbing back above $3,200, it’s seen a massive 5% price increase in just one day. This boost has also increased its market cap and daily trading volume. It’s now only 33% away from its all-time high, making investors sit up and take notice.
What are Analysts Saying?
Several analysts have shared their thoughts on this recent price action and what it could mean for Ethereum’s future.
Positive Signs Despite Economic Uncertainty:
Elite, a well-known crypto analyst, highlighted Ethereum’s strength despite negative news from the Federal Reserve. They noted not only the price increase past $3,200 but also a huge surge in on-chain activity. The number of active Ethereum addresses has jumped 37% in the last few months, reaching 670,000—a significant increase from the 400,000 seen earlier in 2024. This suggests growing demand and renewed optimism.
Technical Analysis Points to Further Gains:
WorldofCharts pointed out that Ethereum’s price has been consolidating in a tight range, forming a bullish pennant pattern. A breakout from this pattern could send Ethereum towards $4,000.
A Bold Prediction:
Analyst Ted believes Ethereum’s higher lows on longer-term charts show a strengthening bullish trend. He sees $4,000 as a key level; breaking through it could lead to a new all-time high. He’s even more bullish, predicting Ethereum could reach $9,000 to $10,000 in the next three to four months if this positive momentum continues. He attributes this optimism to the increased on-chain activity and continued investor interest.
