Ethereum Bulls Eye 45% Upside as Crypto Targets $2,900
Ethereum's recent breakout has reignited bullish sentiment in the market, with analysts eyeing $2,900 as a potential upside target. The cryptocurrency surged more than 21% over the past week, marking a significant shift in market sentiment after an extended period of consolidation.
Crypto enthusiast Michaël van de Poppe described the recent move as a 'Phenomenal breakout' and said he would prefer to see Ethereum consolidate before looking for additional buying opportunities. According to his analysis, holding above $2,000 could open the way toward $2,250 and $2,465, with $2,900 emerging as a larger target zone.
The declining exchange balances of ETH are adding another bullish element to the outlook. Santiment reported that ETH held on exchanges fell from approximately 7.70 million coins on June 2 to about 6.54 million by August 18. This represents roughly 1.15 million ETH leaving exchanges over the period, which could reduce sell-side liquidity if demand continues to strengthen.