Ethereum (ETH) has risen nearly 10% over the past two weeks, briefly touching a monthly high near $2,200 before settling around $2,120. Analysts are divided on its next move, with some citing on-chain data showing the lowest exchange supply since 2016 as a bullish signal, while others point to technical indicators like the Relative Strength Index crossing into overbought territory as a potential warning sign.
Ethereum has performed quite well lately, with its price soaring by nearly 10% over the past two weeks. A number of popular analysts see potential for further gains, though they emphasize that holding critical support levels will be essential.
The asset briefly climbed to a monthly peak of almost $2,200 before slightly retreating. According to the renowned crypto commentator Ali Martinez, Ethereum “looks ready to break out” and is pressing at the upper boundary of a channel as he believes a sustained close above $2,147 could open the door to a more substantial rise. Martinez later claimed that the MVRV pricing bands show the asset has reached a level that has historically aligned with market bottoms.
X user Ted suggested that a daily close beyond $2,150 could trigger a rally towards the $2,400 zone. For their part, Investor Jordan argued that ETH is starting “to warm up,” adding they are “disgustingly bullish” on the cryptocurrency right now.
Some on-chain indicators support the scenario of a further increase. The supply of ETH stored on exchanges has plummeted to around 15.93 million tokens, the lowest point since the summer of 2016.
Other market observers presented rather pessimistic outcomes. X user Emirhan outlined $2,109 as a key level, assuming a break below could lead to a drop to under $1,900.
Moreover, ETH’s Relative Strength Index temporarily crossed the bearish 70 threshold. Readings around and above 70 signal that the asset has become overbought and could be headed for a pullback.
