The price of Ethereum is trading at $4,693 as of August 13, marking a 9% increase within the last 24 hours, bringing it to the brink of an all-time high. This notable rally is attracting the interest of many investors and analysts, and Ark Invest’s Cathie Wood has reaffirmed her ETH bullish position.
This bullish sentiment has fueled greater optimism among analysts, as some now anticipate Ethereum to go as high as $22,000. This is a bullish confirmation of upside potential for the cryptocurrency.
Analyst Sets Price Target of $22,000 for Ethereum
Gert van Lagen, a cryptocurrency analyst, has shared his Ethereum forecasts. The all-time high at $4,891 is a mere 4% increase from the current price, and considering the ATH is stubbornly 4% away, the market has much room for upside. As for Lagen, the recent price action is not Ethereum’s last stop, and price behavior aligns with continued bullish momentum.
Slowly, Lagen points out a four year ETH price chart with an inverse head and shoulders pattern. This pattern is also intertwined with the narrative that the bulls have overtaken bears, comforting traders to invest, and the overall market has the capacity and potential to retest higher grounds. Despite the pattern taking four years to develop, achieving the goal is bound to take a lot of time as well, due to the nature of the crypto market.
Ethereum confirmed a breakout when it crossed $4,659, a level expected to act as support on a retest. Establishing this level as support could pave the way for continued advance, forming the foundation for Lagen’s $22,000 target. He derived this projection by analyzing the price dip that is currently forming the “head” of a new bullish pattern from the $4,659 support level, indicating a strong base for further upside.
Additional data from CryptoQuant also buttress the bullish argument. Ethereum’s 30-day netflow SMA has remained in the negative territory for nearly two months, suggesting a surge in buying activity in the Ethereum ecosystem coupled with a greater likelihood of further upside.
Cathie Wood Flips Bullish on ETH as Institutions Buy
With the new focus on the crypto markets, ARK Invest CEO Cathie Wood, in a recent interview, confirmed her firm bullish stance on Ethereum, stating that the token is emerging as “the institutional protocol.” Wood noted that there is increasing focus from institutional players, highlighting that the ARK ETH ETF has recently experienced inflows of capital.
Moving with the growing trends, other institutional investors are also taking action. According to reports by CoinGape, Ethereum advocate Tom Lee’s Bitmine is expanding its ETH treasury, indicating a wider move by professional investors.
Assuming that the institutional interest Ethereum has received continues to grow at the same rate, the near term projections indicate that \$4,891 will not be the ultimate resistance level. Ethereum seems to have a good chance to perform well well into the future, meaning a strong bullish trend. Both retail and institutional investors stand to gain a lot from this.
To conclude, Ethereum gets strong scrutiny when it comes to pricing, especially when it is approaching all time highs. Given the bullish market structure, positive technical indicators and increasing interest from institutions, the second largest cryptocurrency is very likely to test the \$22,000 mark.
Conclusion
As bullish momentum strengthens, Cathie Wood’s renewed confidence in Ethereum, in conjunction with her institutional backing, has Ethereum surging towards its all-time high.
Retail investors are also enthusiastic with anticipated projection of a $22K increase, technical patterns hinting at bullish breakout, and analysts urging Ethereum would exceed its all-time high. Ethereum is set to spike and reset its all-time high, making it one of the most watched altcoin rallies of the year.
