- 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.
ETH/USD daily candle chart. Source: TradingView 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 ETH’s recent run, several analysts have shared a significantly positive outlook on the asset. What’s next for ETH?
“The Most Interesting Chart”
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 “IncomeSharks” 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.
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