HomeEthereumEthereum will explode by 50% in the "best case", a popular cryptanalyst...

Ethereum will explode by 50% in the “best case”, a popular cryptanalyst predicts, but there is a catch


A widely followed crypto analyst and trader believes that Ethereum (ETH) could rally to levels last seen about a year ago.

Pseudonymous crypto analyst Kaleo says his 586,700 followers on Twitter that Ethereum could rise to $2,400, a level last reached in May 2022 before the Terra (LUNA) ecosystem crashed.

However, Kaleo also says that Ethereum could drop to $1,600 first before rising around 50% to its price target.

“This is still my best case scenario for ETH.

Take it down to $1,600, then push it back up to about $2,400 to retest the pre-LUNA/UST sell-off breakdown level.”

Source: Kaleo/Twitter

Meanwhile, crypto strategist Bluntz has a similar perspective on ETH.

According to Bluntz, the second largest crypto asset by market capitalization could find support at around the $1,600 area before potentially ending its current corrective move.

“ETH is being absolutely mutilated right now.

I’m not quite sure where I’d be looking for longs, probably between $1600 and $1700 and even then I’d like to see a very significant reversal candle.”

Source: Bluntz/Twitter

The analyst opinion on Ethereum comes as a prominent analytics firm reveals that the supply of ETH on crypto exchanges is falling.

According to Santiment, the percentage of Ethereum on crypto exchanges has submerged to a minimum of eight years.

“As Ethereum has dipped to $1,780 today, we have seen the exchange supply continue to decline. The percentage of ETH on exchanges is at its lowest level (10.1%) since public trading began in 2015. This is essentially the all-time high for non-exchange holdings.”

Source: Sentiment/Twitter

Ethereum is trading at $1,811 at the time of writing.

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines


Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Image generated: halfway


Heath Tarbert joins Circle as General Counsel and Director of Corporate Affairs

In an exciting development for the global fintech industry, Circle Internet Financial has appointed Heath Tarbert as its new Chief Legal Officer and Head of...

Here is the bullish case for Ethereum Rival Solana (SOL), according to InvestAnswers

A widely followed analyst is giving a bullish outlook on the blockchain development of Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron,...

Rich Dad Poor Dad Author Says Biggest Real Estate Crash in History Is Coming, Calls BTC and Precious Metals the Answer

Rich Dad Poor Dad author Robert Kiyosaki once again predicts that the real estate sector will collapse and cause a severe global financial crisis. Former best-selling...

Binance Pay and Credencial Payments join forces to enable real-time crypto payments in Latin America

In a strategic alliance that aims to revolutionize the digital payments landscape, Binance Pay, the digital payments platform of the world's largest cryptocurrency exchange, Binance,...

Most Popular