Ethereum Price Prediction: $3,100 Next? Analysts See Massive Run Ahead
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Ethereum (ETH) has reclaimed the $2,800 level, sparking optimism among analysts. Several analysts predict significant price increases. Carl Runefelt, from The Moon Show, points to a breakout from an ascending triangle formation, targeting $3,100, representing a potential 10.7% increase from current levels. He also notes a bullish pennant pattern on the ETH/BTC chart, suggesting a possible 30% surge. Market watcher Kaleo draws parallels between ETH's current performance and its trajectory in 2020, following a sell-off. He suggests that reclaiming a key support line could trigger another major bull run, similar to the 20-month surge seen after the 2020 recovery. Analyst DonAlt agrees with the positive outlook, stating that ETH's chart looks strong and a new all-time high is possible if the $3,800 resistance is broken. The $2,200 level serves as the key invalidation point for this bullish scenario. The recent price surge follows a period of trading between $2,475 and $2,680, after initially breaking out in May. The current price of $2,803 represents a 6.7% daily increase, further fueling the bullish sentiment. Overall, the confluence of technical analysis and historical comparisons suggests a potential for substantial growth in the Ethereum price, though risks remain and the $2,200 level represents a critical support point.
