- Ethereum is closing in on its highest price in 2 months.
- The asset has outperformed Bitcoin in the past seven days.
- Several market analysts have shared a positive outlook on the asset.
In recent months, Ethereum (ETH) holders have had their belief in the asset shaken amid changing token supply dynamics, market underperformance, and seemingly unending selling pressure.
In the past few days, however, the asset has shown signs of strength in a run that has seen it outperform crypto market leader Bitcoin (BTC) and edge close to a 2-month high.
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Can ETH continue this momentum?
Ethereum (ETH) Nears $2,800
At the time of writing, ETH is trading around the $2,700 price level, less than 4% away from the $2,800 price level, which it last traded at near the end of August 2024.
The asset nears the two-month high. Over the past seven days, it has surged over 7% from around the $2500 price point to current levels, outperforming BTC, which has only seen a 5% increase.
Amid ETHโs recent run, several analysts have shared a significantly positive outlook on the asset. What’s next for ETH?
“The Most Interesting Chartโ
In a Monday, October 21 post, veteran commodities trader Peter Brandt suggested that ETH topped the list of most interesting chart developments he could see. The statement came as the analyst shared a chart asserting that the asset had broken out of an inverted head and shoulders chart pattern on its daily candle chart, which could be the beginning of a long-term bullish run.
Citing a similar chart pattern, prominent stock and crypto trader โIncomeSharksโ shared a chart with a near-term target of $3,000.
IncomeSharks is, meanwhile, not alone in this view. Prominent crypto analyst Ali Martinez has suggested ETH could surge to the $3,300 price point if it can hold support at the $2,660 price point.
Still, users must be careful not to act out of FOMO, as the $2,800 level has previously provided strong resistance.
On the Flipside
- ETH is still only up about 18% year-to-date (YTD) compared to Bitcoin, which is up about 60% YTD.
- The $2,800 level may still serve as resistance to ETH.
Why This Matters
A significant price rally will likely allow ETH to shake the overwhelmingly negative sentiment in the past few months.
Read this for more on Ethereum:
Vitalik Buterin Highlights Ethereumโs Proof-of-Stake Mechanism Risks
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EigenLayer X Account Hacked to Promote Fake Airdrop: Hereโs What We Know