Analysts Predict Potential Ether Surge to $3.5K if Critical Weekly Close Holds

Crypto analysts foresee a potential Ether surge to $3,500 if it achieves a $2,800 weekly close, with futures traders betting on an upswing amid mixed market signals.

Ethereum’s native token, Ether (ETH), is poised for a potential breakout, with analysts suggesting that a weekly close above $2,800 could trigger a significant rally toward $3,500. While optimism surrounds ETH's price movement, some experts warn that Ethereum’s on-chain activity and network fundamentals will play a crucial role in sustaining this potential uptrend.

Analysts predict Ether could surge to $3,500 if key resistance levels hold, with traders betting on an upswing.

Key Points:

1. Potential Ether Breakout to $3.5K:

   
   

   • Analysts, including Matthew Hyland, suggest that if Ether can secure a weekly close above $2,800, it could make a "major push" toward the $3,500 to $3,600 range.

   • As of now, Ether is trading around $2,758, showing a 3.35% increase over the last 24 hours.

     
     

2. Futures Traders Bet on Upswing:

   • Data from CoinGlass indicates that a downward move to $2,600 could liquidate $1.07 billion in long positions, while an upward move presents less risk, encouraging traders to bet on an upswing.

     
     

3. Network Activity Concerns:

   • Jamie Coutts, chief crypto analyst at Real Vision, expressed cautious optimism, emphasizing that Ethereum's network activity, including transaction fees at four-year lows, must pick up to support any significant price rally.

     
     

4. Diverging Analyst Opinions:

   • Boomer Saraga, CEO of Khelp Financial, believes that Ethereum’s network fundamentals are at all-time highs, and the price is lagging, indicating a growth potential.

   • On the contrary, veteran trader Peter Brandt warns of bearish scenarios if ETH fails to break critical resistance levels, suggesting a possible drop to $1,650.

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Ether’s price is at a critical juncture, with a weekly close above $2,800 possibly signaling a major rally to $3,500. However, network fundamentals and market dynamics will play crucial roles in determining whether this breakout is sustainable. Investors and traders should closely monitor Ether’s price action and network activity to make informed decisions.

Source: Cointelegraph