The price of the second largest cryptocurrency is capable of reaching $15,000-16,000 within the current market cycle. This was stated by the technical analyst under the nickname Edward.
Among the key factors: technical patterns, inflow of funds into Ethereum ETFs, and growing institutional demand.
According to the expert, an ascending triangle has formed on the monthly chart — a figure that often precedes strong growth. A similar situation was observed in 2020 — at that time, the price of Ethereum increased by 2000% over 12 months.
'A similar breakout above the resistance level at $4000 could realistically trigger ETH movement in the range of $15,000 to $16,000, corresponding to the vertical height of the triangle,' noted Edward.
Reasons for optimism
The analyst also pointed to signs of accumulation: since the low of 2022, Ethereum has tripled in price, volatility has decreased, and inflows are rising.
'This is not a retail investor frenzy, but a methodical accumulation by institutions. Slow, steady, and systematic,' he emphasized.
Spot Ethereum ETFs have recorded inflows for 20 consecutive days. Since the beginning of July, more than $5.4 billion has been invested in them.
Large companies are increasingly buying the second largest cryptocurrency. The total value of Ethereum on company balances has already reached $10 billion. The annual issuance of the altcoin is less than 1 million ETH, while 'projected demand exceeds $20 billion.'
Even small investments from traditional financial institutions can create a supply shortage, which will contribute to further price growth, explained the expert.
Edward also noted that the growth may be due to the changing role of the second largest cryptocurrency. Ethereum has become part of the financial infrastructure. Restaking and L2 solutions increase the utility of the network, while integration with RWA 'expands the use of ETH as programmable collateral.'
'The structure is there. Demand is growing. Supply is limited. And, unlike in 2021, the economic capacity of Ethereum is increasing,' concluded the crypto analyst.
According to CoinGecko, in the last 24 hours, the cryptocurrency's price has decreased by 5.6%. At the time of writing, Ethereum is trading at $3665.
Remember, on July 30, the main network of the second largest cryptocurrency celebrated its 10th anniversary. The Ethereum Foundation presented a development plan for the next decade.
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