ETH Poised to Reach $3.5K if Weekly Close Tops $2.8K, Analyst Predicts

IconCryptoNewsTerminal Staff24 Aug, 2024

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ETH Poised to Reach $3.5K if Weekly Close Tops $2.8K, Analyst Predicts

Analyst Forecasts ETH Surge to $3.5K Prominent cryptocurrency analyst Matthew Hyland anticipates a significant rally for Ethereum (ETH) if it sustains a weekly close above $2,800. This move, according to Hyland, could pave the way for a surge towards the next target of $3,500, providing a positive indication for the broader altcoin market. Technical Analysis Points to Bullish Outlook Separately, Real Vision crypto market analyst Jamie Coutts echoes the bullish sentiment for ETH. However, he emphasizes the importance of a decisive price move, which may depend on the recovery of network activity metrics. Coutts notes that Ethereum network fees have reached four-year lows, and a sustained rally would likely necessitate a concurrent recovery in on-chain activity. Conclusion The convergence of bullish technical indicators and analyst predictions suggests that ETH is poised for potential upside. A weekly close above $2,800 could trigger a significant rally towards $3,500, with positive implications for the altcoin market. However, it remains crucial to monitor on-chain metrics to gauge the sustainability of any rally.

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