Analyst Predicts Ethereum Price Could Reach $17,000 Soon
A crypto analyst predicts an Ethereum price target of $17,000, citing past trends that indicate significant rallies follow declines. Key points include:
- Current Ethereum price is around $2,637, having faced a recent shakeout similar to 2020.
- The analyst, Kiu_Coin, suggests the Ethereum season may provide buying opportunities as the market stabilizes.
- Historical data shows Ethereum's price can spike dramatically after shakeouts; for instance, it increased by 1,310.6% post-2020 decline.
- A projected increase of 732% over the next seven months could bring Ethereum to the $17,000 target.
- Support levels identified at $2,173 and $2,069 may prevent further declines.
- Ethereum has only risen 5% year-to-date, contrasting with other altcoins' performances.
- Recent volatility led to an 18.5% price drop, but trading volume remains strong at $19 billion, up by 20.9%.
