Analysts are forecasting a potential major push for Ethereum's price, targeting $3.5K, as market conditions show signs of improvement.

Ether Needs to Surpass $2,800 for Major Price Surge

The price of Ether is showing signs of possible upward movement, but experts think it has to close at $2,800 this week to be confirmed. This surge could be the first since spot Ether exchange-traded funds (ETFs) were launched in July.

According to crypto expert Matthew Hyland, "If Ethereum can close a weekly above $2,800, I do think Ethereum is going to see a major push toward this upper $3,500, $3,600 area, which will also propel the alts," as stated in an analysis video recorded on August 24.

Price Volatility Persists as Ether Approaches Key Levels

Price data from CoinMarketCap shows that since August 17th, Ether has been trading at around $2,600 per coin. It is now trading at $2,758 per coin.

According to statistics from CoinGlass, a 6% decline to $2,600 could eliminate $1.07 billion in long holdings, although traders are more optimistic about a comparable upward advance, putting only $400 million at danger.

Optimistic about Ether's price, head crypto analyst at Real Vision Jamie Coutts says network activity needs to increase before anything major happens.

"While the conditions for a rally are forming, Ethereum will struggle to rally without a resurgence in activity. Fees are at 4-year lows," Coutts stated in an X post on August 23. Layer-2 network adoption "has been strong," and worldwide liquidity "is turning higher," according to Coutts.

Based on recent arguments made by Boomer Saraga, founder and CEO of Khelp Financial, Ethereum appears to be reaching its peak performance, according to onchain activity. The price, however, is falling behind.

Analyst Expects Ethereum Price to Climb After Recent Highs

"Ethereum is reaching all-time highs, and I expect the price to follow," Saraga remarked, putting it in fundamental terms.

Cointelegraph shares that the debut of the spot ETFs in the US has not stopped the steep decline in the price of Ether. Ether has had a 19.72% decline since July 25.

Chart Patterns Signal Possible Paths for Ethereum’s Price

Peter Brandt, an experienced trader, recently told Cointelegraph that two chart patterns—a five-month rectangle and an ascending wedge—provided two possible explanations for the price behavior of Ether.

The first one occurred when the price of ETH soared over $2,960, offering a great opportunity for longs to cash out.

In the alternative scenario, the rising wedge would be broken, leading to a continuation of the downtrend and a decline in Ether's price to $1,650—the rectangle's bearish target.