According to ChainCatcher, according to Cointelegraph, crypto analyst Matthew Hyland said in a video: If Ethereum's weekly closing price can break through $2,800, Ethereum may rise sharply to above $3,500 to $3,600, which will also drive up altcoins.
Data from CoinGlass shows that a 6% drop in the price of Bitcoin to $2,600 could wipe out $1.07 billion in long positions, while traders would feel more confident if the price of Bitcoin rises because only $400 million is at risk. Meanwhile, Jamie Coutts, lead crypto analyst at Real Vision, is optimistic about the price of Ethereum, but claims that Ethereum's network activity needs to pick up before any major moves can occur.
However, not all analysts share the same view. Boomer Saraga, founder and CEO of Khelp Financial, recently said that Ethereum’s on-chain activity shows that the network is approaching its peak performance, and that price is the lagging factor.
