Analyst eyes Ether 'major push' to $3.5K amid traders betting on upswing

A crypto analyst says Ether could make a "major push" to $3,500 if it holds a $2,800 weekly close. Meanwhile, futures traders are betting on an upward move.

Ether’s price chart is signaling a potential rise to levels not seen since the launch of spot Ether exchange-traded funds (ETFs) in July, but analysts believe a weekly close at $2,800 is needed to confirm the move.

“If Ethereum can close a weekly above $2,800, 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,” crypto analyst Matthew Hyland said in an Aug. 24 analysis video.

Ether’s (ETH) price is currently trading at $2,758, following a week of trading around $2,600 since Aug. 17, as per CoinMarketCap.

A 6% drop to $2,600 could wipe out $1.07 billion in long positions, while a comparable move upward has traders more confident, with only $400 million at risk, according to CoinGlass data.

Meanwhile, Real Vision’s chief crypto analyst, Jamie Coutts, is optimistic about the Ether price chart but claims that Ether’s network activity needs to pick up before any significant move happens.

“While the conditions for a rally are forming, Ethereum will struggle to rally without a resurgence in activity. Fees are at 4-year lows,” Coutts wrote in an Aug. 23 X post. Coutts highlighted that Layer-2 network adoption “has been strong,” and global liquidity “is turning higher.”

However, not all analysts share the same view. Khelp Financial founder and CEO Boomer Saraga recently argued that Ethereum’s on-chain activity suggests the network is approaching its peak performance, with the price being the element that is lagging behind.

“From a fundamental standpoint, Ethereum is reaching all-time highs, and I expect the price to follow,” Saraga explained.

Related: ETH Dencun upgrade attracts more L2 bots and failed txs: Galaxy Research

Ether’s price has been in a significant downtrend despite the launch of the spot ETFs in the United States. Since July 25, Ether is down 19.72%.

Cointelegraph recently reported that veteran trader Peter Brandt said that Ether’s price action presented two scenarios based on two chart patterns: a 5-month rectangle and a rising wedge. 

The first one involved ETH price rising above $2,960, presenting a perfect exit position for longs. 

The second view involved a breakdown of the rising wedge to continue the downtrend, with Ether dropping to $1,650, the bearish target of the rectangle.

Magazine: Dorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it?