Prominent Crypto Analyst Predicts Major Upward Movement for Ethereum Outlines Key Price Targets

Summary

• Analyst Predicts Major Ethereum Surge: Widely followed crypto analyst Pentoshi suggests Ethereum (ETH) is preparing for a significant upward price movement, targeting $3,300 in the future.

• Key Price Targets Outlined: The analyst identified an initial target in the 2,800-2,899 range for ETH, stating that a successful flip of this level could open the door for a larger rally towards $3,300.

• Previous Bullish Stance and Dip-Buying Strategy: Earlier in the week, Pentoshi had predicted ETH would reach $2,800, advising that price dips during this ascent would be good buying opportunities, citing its reclaim of key technical levels.

• Current Market Status: While ETH hasn’t hit the $2,800 target yet in this cycle (peaking near $2,700), it was trading at $2,577 at the time of writing, down 3.5% in the last 24 hours.

Analyst Sees Ethereum Poised for Significant Upswing

A widely recognized cryptocurrency analyst suggests that Ethereum (ETH) is currently positioning itself for a substantial upward trajectory.

In a recent strategy discussion, the pseudonymous crypto trader Pentoshi communicated to his 863,800 followers on the X social media platform that Ethereum, the second-largest digital asset by trading volume, appears to be progressing towards a $3,300 valuation, although a specific timeframe was not provided.

Key Price Levels and Potential Path to $3,300

Pentoshi outlined a potential path for Ethereum, stating, “ETH. Getting closer to its move towards 28xx, flip that opens a potentially big move into $3,300. But first, let’s get there.”

This indicates an initial target in the 2,800-2,899 range, with a successful conversion of this level into support potentially triggering a more significant rally towards the $3,300 mark.

Earlier Bullish Forecast and Rationale

Earlier in the week, the analyst had forecasted that the leading altcoin would reach a $2,800 price point amidst its upward momentum, advising that any price pullbacks during this phase would present favorable buying opportunities.

His earlier bullishness was rooted in Ethereum’s successful recapture of a crucial high-time frame (HTF) support level and its position above the 200-day moving average.

At that time, he stated, “2,800 is highly likely in the short term.

Dips [are] likely for buying for now,” underscoring his confidence in the upward trend.

Current Market Performance and Proximity to Targets

While Ethereum has not yet attained Pentoshi’s $2,800 target in the current market cycle, it did approach this level, reaching a peak near $2,700.

At the time of this report, Ethereum is valued at $2,577, marking a 3.5% decline over the preceding 24-hour period.

Also Read: USDC Engagement on Ethereum Reaches New Peaks Signaling Robust On-Chain Utility

The volume and frequency of USDC on Ethereum have reached record highs, with the monthly transfer volume reaching approximately $635 billion. This surge in usage, despite a stable supply of around $40 billion, highlights Ethereum’s continued critical role as the primary infrastructure for stablecoin transactions and settlement. The surge in USDC usage, even with a flat supply, indicates a substantial enhancement in the stablecoin’s on-chain utility. The growing demand for USDC in decentralized finance (DeFi) and payment applications fuels demand, with monthly transaction values reaching around $635 billion, equaling or surpassing previous zeniths typically observed during active bull market phases. The count of monthly transactions has reached an unprecedented peak of roughly 7.2 million, indicating its expanding role in everyday payments, trading activities, and diverse DeFi protocols. This increased USDC activity reinforces Ethereum’s established dominance as the principal infrastructure for stablecoin settlements. Users are increasingly leveraging USDC for high-frequency, cost-effective transactions throughout the Ethereum ecosystem, further solidifying the network’s pivotal role in connecting traditional financial systems with innovative blockchain-based…[Read More]

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