Analysts optimistic about ETH price, short-term target set at $20,000

According to HashChain News, analyst Merlijn stated that ETH has broken through the $4,000 mark for the first time since the end of 2024, and market sentiment is rising again. The price increase channel for ETH has been opened, and the current target price may be set at $20,000. Trader BitBull pointed out that due to massive short squeezes and institutional buying pressure, it may be easier for ETH to reach a new historical high. If the weekly closing price is above the $4,100 range, a new historical high could appear within 1-2 weeks. It is reported that the previous high for ETH was around $4,875, set in November 2021.