Ethereum price charts show a possible rise to levels not seen since the launch of the spot Ethereum ETF in July, but analysts say a weekly close of $2,800 is needed to confirm the move, Cointelegraph reported.

Crypto analyst Matthew Hyland said in an Aug. 24 video analysis that if Ethereum closes the week above $2,800, he believes Ethereum will rise sharply to the $3,500 to $3,600 range and drive other altcoins higher.

Ethereum is currently trading at $2,758 after fluctuating around $2,600 the previous week, up 3.35% since August 17, according to CoinMarketCap data.

A drop to $2,600 could result in $1.07 billion in long positions being liquidated, while a similar move higher is less risky with just $400 million at risk, CoinGlass data shows.

Jamie Coutts, chief crypto analyst at Real Vision, is optimistic about the Ethereum price chart but said network activity would need to increase for a significant rise to occur. He noted in an August 23

Boomer Saraga, founder and CEO of Khelp Financial, believes that Ethereum on-chain activity indicates that the network is close to peak performance and prices are lagging behind. He explained that from a fundamental perspective, Ethereum is reaching an all-time high and prices are expected to rise accordingly.

Despite the launch of the first spot Ethereum ETF in the United States, Ethereum prices have fallen 19.72% since July 25.

Cointelegraph recently reported that veteran trader Peter Brandt said that Ethereum price action presents two scenarios: one is that the price breaks through $2,960, providing a perfect exit position for bulls; the other is that the rising wedge breaks and the price falls to $1,650.