Ether Poised to Make a 'Major Push' to $3.5K if It Achieves a Weekly Close Above $2.8K, Crypto Analysts Predict

Ether's price chart indicates a potential rise to levels unseen since the launch of spot Ether exchange-traded funds (ETFs) in July.

Crypto analyst predicts Ether could make a “major push” to $3,500 if it achieves a weekly close above $2,800.

Ether price analysis suggests a potential rise to levels last seen before the launch of spot Ether exchange-traded funds (ETFs) in July. However, a decisive weekly close at $2,800 is key to confirming this upward trajectory.

“If Ethereum closes a week above $2,800, I see a major push into the $3,500 to $3,600 range, which will also prop up altcoins,” crypto analyst Matthew Hyland stated in an analysis video released on August 24.

Currently, Ether price is trading at approximately $2,758, following a period of consolidation around $2,600 since August 17, according to data from CoinMarketCap. A 6% drop to $2,600 could potentially liquidate $1.07 billion in long positions. On the other hand, an upward move could leave only $400 million at risk, as per CoinGlass data, reflecting traders’ confidence in a bullish scenario.

Real Vision’s chief crypto analyst, Jamie Coutts, is optimistic about Ether price but highlights the need for increased network activity for any significant price rally. “Conditions for a rally are building, but Ethereum struggles without a resurgence in activity. Transaction fees are at 4-year lows,” Coutts wrote in an August 23 post on X (formerly Twitter), adding that adoption of layer-2 networks is strong and global liquidity is increasing.

Some analysts, like Boomer Saraga, founder and CEO of Khelp Financial, have a different perspective. Saraga recently suggested that Ether’s on-chain activity indicates the network is nearing peak performance, with price being the lagging indicator. “Fundamentally, Ethereum is making all-time highs, and I fully expect price to eventually catch up,” Saraga noted.

Despite the introduction of spot ETFs in the United States, Ether price has seen a significant downtrend. Since July 25, Ether has declined by 19.72%.

As reported by Cointelegraph, veteran trader Peter Brandt outlined two potential scenarios for Ether price, based on two distinct chart patterns: a five-month rectangle and a rising wedge. The first scenario suggests that if Ether price rises above $2,960, it would provide an ideal exit point for long positions. The second scenario anticipates a breakdown from the rising wedge, continuing the downtrend and targeting a bearish low of $1,650.