Ethereum Price Breaks Above $2,600 Mark, Analysts Predict Rally to $8,000
After being stuck in the $2,500 range for the past few days, Ethereum price (ETH) has finally broken above the $2,600 mark, currently trading at $2,636 with a 3% intraday rise. Market participants are predicting another potential price rally, similar to the one displayed earlier this month.
Analysts are divided on the short-term and long-term outlook for Ethereum. One analyst suggests that the Ethereum price is poised to reach $2,900 in the short term, while another predicts a long-term target of $8,000. However, caution is advised by a cryptoquant analyst, who believes that the rally might still be in its early stages as retail investors have not yet entered the market.
Will Ethereum Price Rally Extend?
Ethereum price (ETH) has broken above the $2,600 mark after finding strong support from the 200-day EMA band. Speculation is rife about the potential extension of its rally, which began earlier this month. With Bitcoin reaching an all-time high, investors are hungry for more gains, leading to a bullish sentiment in the broader crypto market. Ethereum seems poised to capitalize on this bullish wave.
The recent rally from $1,792 on May 8 to a peak of $2,695 on May 14 marked a significant pump of over 50% in just 7 trading days. Analysts suggest that ETH price could rise as high as $2,900 by the end of the week if market conditions remain favorable. Additionally, another analyst remains optimistic about Ethereum’s long-term outlook, pointing to a strong bullish pattern forming on the monthly chart.
Projections indicate that ETH could climb to $4,500 by 2025, with a potential retest of $8,000 as a multi-year target. Whale accumulations and low exchange reserves further strengthen the conviction among large investors.
Analyst Suggests Caution, As Retailers Are Still Asleep
Despite the optimism from expert analysts, caution remains as a CryptoQuant analyst highlighted that local tops were observed after strong retail activity post-pandemic. However, Ethereum has only seen a slight increase in retail interest, suggesting that the rally might still be in its early stages. The lack of significant retail interest indicates that there is still significant upside potential for Ethereum when retail investors become more active.
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