Ethereum Price Surges 30% After Sentiment Collapse: Next Key Level in Focus

Ethereum's price surge has brought a key level into focus, with analysts expecting further upside as long as it stays above $2,000.

The asset's latest rally saw it climb over 5% on Friday and touch $2,420 for the first time in months. According to Santiment's analysis, the crowd sentiment on ETH hit a three-month low on August 17, which preceded its sharp move higher two days later.

Michaël van de Poppe expects further upside, but notes that there could be some consolidation after the recent move. He believes ETH can continue higher as long as it stays above $2,000 and points to short-term upside levels of $2,465 and potentially $2,900.

Crypto Patel's chart highlights longer-term upside targets, with a potential breakout at $4,700 pointing towards $10,000, $15,000, and $20,000. The asset has gained over 55% from the $1,500 accumulation zone highlighted in Crypto Patel's analysis.