According to Cointelegraph: Crypto analysts are closely watching Ether's price, suggesting that a strong weekly close above $2,800 could trigger a significant rally to $3,500. The Ethereum network's native token, Ether (ETH), is currently trading around $2,758, showing signs of a potential upswing that could propel the price to levels not seen since the launch of spot Ether exchange-traded funds (ETFs) in July.

Ether has increased by 3.35% over the past 24 hours. Source: CoinMarketCap

Key Points:

$2,800 Weekly Close as a Catalyst:

  • Crypto analyst Matthew Hyland emphasized that a weekly close above $2,800 could spark a "major push" for Ether, potentially driving the price towards $3,500 or even $3,600. He noted that this move would likely also boost the performance of alternative cryptocurrencies (alts).

Futures Traders Betting on Upside:

  • CoinGlass data shows a notable disparity in market sentiment, with a 6% drop to $2,600 putting $1.07 billion in long positions at risk, compared to only $400 million on the line if prices move upward. This indicates that traders are more confident in an upward trend.

Network Activity and Global Liquidity:

  • Real Vision’s chief crypto analyst, Jamie Coutts, remains optimistic about Ether's potential but points out that a resurgence in network activity is necessary for a significant rally. He highlighted that layer-2 network adoption has been strong and that global liquidity is improving, both factors that could support a price increase.

Diverging Analyst Opinions:

  • While some analysts are bullish, others, like Khelp Financial's Boomer Saraga, argue that Ethereum's on-chain activity suggests the network is nearing its peak, with the price still lagging. Saraga believes that the price will eventually follow as the fundamentals reach all-time highs.

Technical Patterns Indicating Mixed Signals:

  • Veteran trader Peter Brandt has identified two potential scenarios for Ether based on its current chart patterns. The bullish scenario involves a rise above $2,960, offering an ideal exit for long positions. In the bearish scenario, however, Ether could drop to $1,650 if the rising wedge pattern breaks down.

Conclusion:

Ether's price is at a critical juncture, with a potential rally hinging on a key weekly close above $2,800. While network activity and global liquidity are aligning to support a bullish move, traders and analysts remain divided on the near-term direction. The coming days will be crucial in determining whether Ether can break out of its downtrend and reach new highs.

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