Ethereum Price Eyes $2,700 As Wyckoff Accumulation Nears Completion

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Crypto analyst Incognito has predicted that the Ethereum pricecould soon rally to as high as $2,700. This bullish prediction comes despite ETH’s underperformance so far, with the altcoin’s market share already dropping to new lows. Ethereum Price Could Rally To $2,700 As Wyckoff Accumulation Nears

In a TradingView post, Incognito predicted that the Ethereum price could witness a big move to $2,700 with the Wyckoff accumulationalmost over. He remarked that if support holds, the ETH should see a breakout of the falling wedge. The analyst’s accompanying chart showed that $2,499 is the target for the falling wedge, while $2,700 is the second target that Ethereum could reach on this breakout.  Related Reading Ethereum Price Threatened With Sharp Drop To $1,400, Here’s Why 1 week ago

However, Incognito warned that this could be a huge trap to shake out sellers, so he advised market participants to be looking to take profits. In the meantime, the Ethereum price could indeed break out to the upside, especially with the Bitcoin priceattempting to reclaim the $90,000 level.  Source: Incognito on Tradingview

The Ethereum price is likely to reach new local highs if Bitcoin can sustain this bullish momentum, given their positive correlation. In an X post, crypto analyst Ali Martinezremarked that this week would be big for ETH as the TD Sequential just flashed a buy signal, hinting at a potential shift in momentum.  

Martinez also raised the possibility of the Ethereum price recording a new bull rally. For that to happen, he mentioned that ETH needs to break the supply wall at $2,330. The leading altcoin could face significant selling pressure at that range, as 12.62 million addresses bought 68.63 million ETH around that range.  ETH May Have Already Bottomed

In an X post, crypto analyst Titan of Cryptosuggested that the Ethereum price has already bottomed or may be bottoming out. He revealed that the leading altcoin is progressing within a giant ascending channel on the macro chart. His accompanying chart showed that ETH could rally to as high as $4,200 following this bullish reversal.  Related Reading Ethereum Price Suffers 77% Crash Against Bitcoin, On-Chain Deep Dive Reveals Reasons Why 1 week ago

Crypto analyst Hardy also echoed a similar sentiment, suggesting that the Ethereum price has already reached its bottom. He noted that ETH’s weekly candle closewas bullish and a good indicator of a potential reversal at the key support level around its current price. His accompanying chart showed that Ethereum could rally to as high as $4,300 on this bullish reversal. 

Ethereum price reclaiming the $4,000 level could pave the way for a rally to a new all-time high (ATH). Crypto analyst Crypto Patel predicted that ETH could reach between $6,000 and $8,000 by the end of the year. 

At the time of writing, the Ethereum price is trading at around $1,639, up almost 2% in the last 24 hours, according to datafrom CoinMarketCap. ETH trading at $1,644 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com