A widely followed crypto analyst and trader believes Ethereum (ETH) could rally to levels last witnessed about a year ago.
Pseudonymous crypto analyst Kaleo tells his 586,700 Twitter followers that Ethereum could surge to $2,400, a level last reached in May of 2022 before the Terra (LUNA) ecosystem collapsed.
However, Kaleo also says that Ethereum could first dip to $1,600 before rallying by around 50% to his target price.
“This is still my best-case scenario play for ETH.
Dip to $1,600s, then run it back up to approximately $2,400 to retest the pre-LUNA/UST liquidation breakdown level.”
Meanwhile, fellow crypto strategist Bluntz holds a similar outlook on ETH.
According to Bluntz, the second-largest crypto asset by market cap could find support at around the $1,600 area before potentially ending its current corrective move.
“ETH is getting absolutely mauled right now.
Not too sure where I would be looking for longs, probably somewhere between $1,600 – $1,700 and even then I would want to see a very significant reversal candle.”
The analysts’ view on Ethereum comes as a prominent analytics firm reveals that ETH’s supply on crypto exchanges is falling.
According to Santiment, the percentage of Ethereum on crypto exchanges has plunged to an eight-year low.
“As Ethereum has dipped to $1,780 today, we’ve seen exchange supply continue to decrease. The percentage of ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the all-time high for non-exchange holdings.”
Ethereum is trading at $1,811 at time of writing.
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