Ethereum: $2,700 Surge Imminent as Wyckoff Accumulation Completes
Reason to trust
We adhere to a strict editorial policy that puts accuracy, relevance, and impartiality first.
Our content is created by experts in the industry and undergoes thorough review.
We uphold the highest standards in both reporting and publishing.
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
This article is also available in Spanish.
Crypto analyst Incognito has projected that the Ethereum price could soon jump up to $2,700. This optimistic forecast comes even as ETH has been performing weaker recently, with its market share already declining to new lows.
Ethereum Price Could Rally To $2,700 As Wyckoff Accumulation Nears
In a TradingView post, Incognito shared his prediction that Ethereum’s price might make a significant move towards $2,700 as the Wyckoff accumulation phase nears its end. He noted that if support levels remain steady, ETH should break out from the falling wedge pattern. According to the analyst’s chart, the falling wedge has an initial target of $2,499, with a secondary target of $2,700 that Ethereum could potentially reach during this breakout.
Related Reading
However, Incognito cautioned that this upward movement could be a “bear trap” designed to trick sellers, advising traders to consider taking profits. Nevertheless, the Ethereum price could indeed break through on the upside, particularly as the Bitcoin price is also trying to get back to the $90,000 mark.
If Bitcoin can maintain its current bullish trend, Ethereum’s price is likely to hit new local highs, given their established positive correlation. In an X post, crypto analyst Ali Martinez pointed out that this week is significant for ETH because the TD Sequential indicator just signaled a buy, suggesting a possible shift in momentum.
Martinez also brought up the possibility of Ethereum’s price starting a new bull run. He explained that for this to happen, ETH needs to overcome the supply barrier at $2,330. The major altcoin might encounter considerable selling pressure around this price point, as 12.62 million addresses purchased 68.63 million ETH in this price range.
ETH May Have Already Bottomed
Separately, in an X post, crypto analyst Titan of Crypto proposed that the Ethereum price has already found its bottom, or is very close to doing so. He revealed that the leading altcoin is progressing within a large ascending channel on the broader market chart. His accompanying chart indicated that ETH could potentially rally as high as $4,200 if this bullish reversal unfolds.
Related Reading
Crypto analyst Hardy echoed similar thoughts, suggesting that Ethereum’s price has likely already reached its lowest point. He highlighted that ETH’s weekly candle close appeared bullish and served as a positive sign for a potential reversal at the key support level near its current price. His chart also suggested a potential rally for Ethereum up to $4,300 on this bullish reversal.
If Ethereum’s price were to rise above the $4,000 level, it could pave the way for a rally toward a new all-time high (ATH). Crypto analyst Crypto Patel predicted that ETH might reach between $6,000 and $8,000 before the year is out.
Currently, the Ethereum price is trading at approximately $1,639, showing an increase of almost 2% over the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
