Ethereum To Explode by 50% in ‘Best-Case Scenario,’ Predicts Popular Crypto Analyst – But There’s a Catch
Crypto analysts and traders are closely monitoring the price movements of Ethereum (ETH), the second-largest cryptocurrency by market capitalization. Pseudonymous crypto analyst Kaleo predicts that ETH could potentially rally to $2,400, a level not seen since May of 2022 before the Terra (LUNA) ecosystem collapse. However, Kaleo also foresees a possible dip to $1,600 before ETH could reach his target price, which would represent a 50% surge. Kaleo believes that this scenario remains the best-case play for ETH.
Similarly, crypto strategist Bluntz shares a similar outlook on ETH, noting that the cryptocurrency could find support in the $1,600 – $1,700 range before a significant reversal candle appears, which would signal the end of its current corrective move. Bluntz also observed that ETH has been getting “mauled” recently.
These predictions come amid a decline in Ethereum’s supply on crypto exchanges. According to analytics firm Santiment, the percentage of ETH on crypto exchanges has fallen to an eight-year low of 10.1%, the lowest since public trading began in 2015. This essentially means that non-exchange holdings of ETH are at an all-time high.
Despite the recent drop in price, analysts remain optimistic about the long-term prospects of ETH. The decline in exchange supply, coupled with the growing adoption of decentralized finance (DeFi) applications built on the Ethereum network, suggests that the demand for ETH could continue to grow in the future. However, analysts caution that the cryptocurrency market remains volatile, and investors should always do their research and exercise caution when investing in any asset.