Ethereum has staged a modest recovery over the past week, with several analysts predicting further upside if key support levels hold. The second-largest cryptocurrency by market cap currently trades around $1,750, up about 1% for the week, after briefly touching $1,800 over the weekend. Analysts point to oversold technical conditions and declining exchange supply as bullish signals.
Analyst Targets Range From $2,000 to $2,500
Pseudonymous analyst Ted said holding above the $1,750 support zone is crucial and could pave the way for a rally toward $2,000. Michael van de Poppe was more optimistic, forecasting a breakout that could push ETH to $2,500. AlΞx Wacy noted that the asset needs to break above a descending trendline near $1,880, which has historically preceded 250% price surges within weeks.
Altcoin Sherpa described ETH as "pretty attractive" in the short term, also targeting $2,500. Ali Martinez said he would open a long position if ETH surpasses $1,850, reversing his earlier bearish stance when he warned of a potential drop to $1,700 based on the TD Sequential indicator.
Technical Indicators Support Bullish Case
ETH's Relative Strength Index (RSI) has fallen to around 30, indicating oversold conditions that often precede a rally. Readings above 70 are considered overbought and signal a potential pullback. Meanwhile, the amount of ETH held on exchanges has dropped to a nearly ten-year low of about 15.3 million units as of July 13. Fewer coins on centralized platforms typically reduce immediate selling pressure, supporting a price recovery.