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Ethereum could rally more than 50% toward $3,000, analyst says
A bullish path would require Ether to break above resistance near $1,900 and the 50-period EMA around $2,023, with traders watching US CPI cooling for rate backdrop.
Ether could surge more than 50% in the coming weeks toward $3,000, according to crypto analyst Michaël van de Poppe, who said the current trading range is an attractive accumulation window before a potential breakout.
In a post dated Aug. 12, van de Poppe argued that waiting for a definitive bullish signal could mean entering after a large part of any move has already occurred, citing past accumulation phases around the $1,500 to $2,000 area.
The analysis points to Ethereum rallying about 60% within less than a week after escaping a similar consolidation range, and it suggests the pattern could repeat over a matter of days to weeks, with the $3,000 target implying roughly 57% gains from the current price.
The bullish case also comes as US inflation continues to cool, with July CPI rising 0.1% month over month and annual inflation slowing to 3.4% from 3.5% in June, according to the Bureau of Labor Statistics, as covered by Yahoo Finance. Traders also show a 66.1% chance rates stay unchanged at 3.50% to 3.75%, per the CME FedWatch Tool, while Ethereum needs to break above a falling wedge, with the token currently testing the wedge near $1,900 and resistance around its 50-period EMA near $2,023.
Latest closeEthereum $2,685.67 ▲0.0%