Ethereum’s price has been a bit wobbly lately, failing to break past $3,000. While there’s some bearish sentiment floating around, analysts remain optimistic about its long-term potential.
Is a Bull Run on the Horizon?
Despite recent dips, expert Ether Naysonal sees Ethereum’s overall trend as still bullish. Key support levels are holding steady, suggesting resilience. Naysonal points out that Ethereum consistently holds the $2,615 support level. However, a daily close above $2,820 is needed to reignite bullish momentum, with a close above $2,923 potentially triggering a significant price increase.
Institutional Buying Fuels Optimism
The growing adoption of Ethereum, fueled by increasing institutional interest, is another reason for optimism. Major players like BlackRock (buying over $284 million worth of ETH) and Fidelity (adding around $26.39 million) are actively accumulating Ethereum. Naysonal finds it illogical for individual investors to sell now, especially given this institutional buying spree.
A Potential Surge to New Highs
Technical analysis also points towards a potential rebound. Expert Jonathan Carter observes a symmetrical triangle pattern on Ethereum’s weekly chart. He believes a breakout from this pattern could send Ethereum soaring towards significant price targets, potentially reaching $3,100, $4,000, $4,850, $6,000, and even $7,500 in the long term. The recent downward wicks suggest liquidity has been collected below support, setting the stage for a possible upward breakout.
