Ethereum has rallied by double digits over the past week, climbing well above $2,700 as the broader cryptocurrency market experiences a resurgence.
Several analysts interpret the recent gains as potentially significant. Michael van de Poppe characterized Ethereum as entering an "interesting zone," noting that a break above current levels could lead to a new trading range with the next resistance at $3,400. He stated that levels below $2,000 are unlikely in the near term.
Other analysts project more ambitious targets. One analyst expects Ethereum to reach $3,000 "relatively soon," citing minimal resistance between $2,750 and $3,000. A trader identified an inverse head-and-shoulders pattern on the 3-day chart, suggesting potential for a rally to $4,100.
A notable market development supports bullish sentiment: Ethereum investors have been withdrawing ETH from Binance at a pace not observed in three years, which analysts interpret as reduced selling pressure and a longer-term holding strategy.
Contrasting Views
Not all analysts share this optimism. Some express concern about a potential correction, with predictions ranging from a retest of the $1,700–$1,800 range to a drop as low as $1,400. However, even bearish short-term outlooks have acknowledged Ethereum's relatively stronger structure compared to Bitcoin and suggested long-term upside potential once corrections conclude.
