Ether’s price chart indicates a potential rise to levels not seen since the launch of spot Ether exchange-traded funds (ETFs) in July. However, analysts believe a weekly close at $2,800 is necessary to confirm this 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,” said crypto analyst Matthew Hyland in an Aug. 24 analysis video.
Currently, Ether’s price is trading at $2,758 after hovering around $2,600 since Aug. 17, according to CoinMarketCap. Over the past 24 hours, Ether has increased by 3.35%.
A drop of 6% to $2,600 could liquidate $1.07 billion in long positions, while a similar upward move has traders more confident, with only $400 million at risk, as per CoinGlass data.
Jamie Coutts, Real Vision’s chief crypto analyst, remains optimistic about Ether’s price but insists that a significant move will require increased network activity. “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. He noted that layer-2 network adoption “has been strong,” and global liquidity “is turning higher.”
Not all analysts share this optimism. Boomer Saraga, founder and CEO of Khelp Financial, argued that Ethereum’s on-chain activity suggests the network is nearing peak performance, with the price lagging. “From a fundamental standpoint, Ethereum is reaching all-time highs, and I expect the price to follow,” Saraga stated.
Despite the launch of spot ETFs in the U.S., Ether’s price has been in a significant downtrend, falling 19.72% since July 25.
Veteran trader Peter Brandt recently discussed two scenarios for Ether’s price action based on chart patterns: a five-month rectangle and a rising wedge. The first scenario suggests that Ether could rise above $2,960, providing an ideal exit for long positions. The second scenario involves a breakdown of the rising wedge, continuing the downtrend and potentially bringing Ether down to $1,650, the bearish target of the rectangle.
