The second-largest cryptocurrency has performed quite well over the past seven days, increasing its valuation by double digits despite its Wednesday correction.
According to numerous analysts, the uptrend could continue in the short term, with some envisioning an astonishing increase toward a new all-time high.
The Rally Goes on?
Earlier this week, ETH soared to almost $2,400, or its highest point since the start of February. Currently, it trades at around $2,200, up 8% on a weekly basis.
The renewed upswing caught the eye of many industry participants who believe the valuation has yet to reach fresh local tops. X user Galaxy set $2,400 and $2,600 as the next potential targets, while Trader Tardigrade envisioned a pump to as high as $2,670.
Ted, who often discusses ETH’s performance, chipped in as well. He thinks the price could hit the $2,400 resistance zone, but that might be a “fakeout” and be followed by a substantial decline.
Meanwhile, several on-chain factors support the bullish scenario. The US spot ETH ETFs have been flashing green over the past six days, meaning inflows have dominated outflows. This reflects rising interest among institutional investors in gaining exposure to the asset and could positively impact future price performance.
Next on the list is the amount of ETH sitting on crypto exchanges. Earlier this week, the figure fell to a nearly 10-year low of around 15.85 million coins. This trend signals that investors continue to shift their holdings toward self-custody methods, thus lowering the immediate selling pressure.
Ethereum’s Relative Strength Index (RSI) should also be mentioned. The technical analysis tool, which measures the speed and magnitude of recent price changes, tumbled to 22. This means the asset has entered oversold territory and could be gearing up for a rally.
The Moon Scenarios
According to other analysts, ETH might be on the verge of a much more substantial increase that can take it to uncharted territory. X user ray claimed that $10,000 is “not a dream, just a milestone.”
A few days ago, the renowned investor and one who successfully predicted the 2008 financial collapse, Robert Kiyosaki, sounded the alarm that major banks and institutions are in trouble, hinting that another crash could be on the way.
Later on, he forecasted that “the biggest bubble” is about to burst, foreseeing that once the meltdown is over, BTC, ETH, gold, and silver will emerge as the major winners. As for the second-largest cryptocurrency, he envisioned its price skyrocketing to a (for now) almost unbelievable $95,000 within a year after the catastrophe.
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