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