Ethereum Demand Surges, Analyst Predicts New All-Time High
A prominent crypto analyst has highlighted the intense demand for Ethereum (ETH) and predicts positive price movements in the near future.
With a massive following on social media, the pseudonymous trader Pentoshi recently shared insights with his audience on X, stating that Ethereum is currently experiencing unprecedented demand and is poised to reach a new all-time high (ATH) price.
Pentoshi emphasized that while Ethereum is on track to achieve a new ATH, there may be some volatility along the way.
“ETH probably new ATH in the very near future, not a matter of if, but when at this point with the strongest FA (fundamental analysis) and demand in years as tailwinds. The hardest part is the patience side of it as there will be fake-outs along the way, just like we’ve seen.”
Furthermore, the analyst highlighted that Ethereum’s supply on exchanges is currently at its lowest since the token’s initial coin offering (ICO), potentially leading to a significant price surge.
“Since [July 17th], ETH has now hit a new nine-year low on exchanges. The last time it was this low was the ICO. Of course, supply can come in. But let’s not discount the fact that if this demand keeps up things can potentially get crazy irrational. Nothing we haven’t seen before.”
Despite the bullish outlook, Pentoshi advised traders to exercise patience as Ethereum is likely to consolidate for a period before making significant moves.
“We’ve had a lot of big moves lately especially for ETH. I could see us consolidating in a large range for a while as we work through the ETH stalling queue and general supply. Higher prices always unlock supply. That takes time to turnover.”
At the time of writing, Ethereum is trading at $3,817, showing a 5.5% increase over the last 24 hours.
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