Analyst Predicts Ethereum (ETH) Price to Hit $3500 If It Clears This Key Resistance

Key Insights:

• Ethereum (ETH) price surged over 5% amid a robust rally in the broader crypto market.
• Analysts predict a potential ETH price surge between $3,000 and $10,000 ahead.
• 60% of Ethereum holders are now in profit due to the recent price surge.

Ethereum price has caught the investors’ eyes today amid a robust rally recorded in the broader crypto market. Simultaneously, Bitcoin has led the gains in the digital assets space, touching a new ATH and hovering near the $111k mark.

These strong advancements of the top coins indicate that the bulls are dominating the bears, which might trigger a further surge in the asset’s price ahead. Amid this, renowned analysts have shared bullish forecasts for ETH price while highlighting the key price levels to watch ahead.

Can Ethereum Price Rally To $3,600 As Bulls Regain Control?

Ethereum price today was up more than 5% and exchanged hands at $2,669, while its one-day volume soared 54% to $35.86 billion. Notably, the crypto has hovered between $2,678 and $2,454 in the last 24 hours.

Simultaneously, CoinGlass data showed that ETH Futures Open Interest soared more than 24%, indicating the strong confidence of the market participants.

Meanwhile, amid renewed optimism among investors, renowned analyst Captain Faibik said that Ethereum price is on the cusp of a significant rally. He has set a target of $3,600 for the top crypto.

However, the analyst noted that ETH price must first breach a key resistance level at $2,700 to hit the target, which corresponds to the daily 200 Simple Moving Average (SMA). If bulls successfully break above this level, Faibik predicts a rally towards $3,500-$3,600.

ETH Price’s Short-term & Long-term Targets

Amid the $3,600 target, a flurry of other analysts also predicted a bullish road ahead for Ethereum price. For context, in a recent X post, market pundit Ali Martinez said that the crypto is poised to head towards the brief $3,000 ahead.

However, Martinez noted that in order to attain the target, ETH price must hold above the $2,588 support. Having said that, the investors are keeping a close track of the Ethereum price movements despite the ongoing rally.

Adding to the bullish momentum, analyst Crypto Rover said that the top crypto is gearing up for a major breakout to $10,000. This has bolstered market confidence while reflecting the bullish sentiments of the market participants towards the asset.

Echoing a similar sentiment, expert Michael van de Poppe said:

60% Holders at Profit As Ethereum Price Rockets 64%

Ethereum price has added more than 64% in the monthly chart, propelling a significant portion of its holders back into the green zone. According to data from top analytics firm Sentora, formerly known as IntoTheBlock, around 60% of the ETH holders are in profitability now with the latest surge.

Meanwhile, Sentora noted that this marks a dramatic turnaround from April 2021, when only 32% of the addresses were profitable. Besides, the recent ETH rebound has been remarkable, with Ethereum’s price volatility reminiscent of the 2017 market cycle.

Simultaneously, the recent US Spot Ethereum ETF inflow has further fueled market sentiment. A total of more than $79 million was injected into the investment instrument, signaling a renewed institutional interest in the asset.

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