Ethereum’s price has joined the overall market rally on Tuesday, climbing above $1,900 for the second time in the past week. Naturally, analysts have rushed to offer their insight on why they believe the token will keep surging to new local (and all-time) highs.

Meanwhile, the former CEO of BitMEX has doubled down on his recent bullish behavior toward Ethereum with a fresh purchase.

Hayes Buys Again

Data shared by Lookonchain showed earlier today that wallets linked to the famous crypto personality spent over $2.5 million to acquire 1,332.5 ETH. This is Hayes’ second multi-million-dollar Ethereum accumulation made in the past week. As reported on July 16, he bought 1,293 ETH for the same amount when the asset’s price traded above $1,900 for the first time in months.

Interestingly, that purchase came shortly after he had sold over $10 million worth of the largest altcoin at prices of just under $1,700. As such, he continues to acquire more ETH tokens when the asset rallies, but tends to dispose of them once it corrects.

Separately, Lookonchain added that Ethereum whales have gone on a substantial accumulation spree as well. This one purchased roughly $13.5 million worth of the asset. Another one spent $20 million to buy 10,501 ETH, and this one withdrew 12,800 ETH from Binance.

Major ETH Price Calls

As mentioned above, the second-largest cryptocurrency has jumped past $1,900, and analysts were quick to point out its potential. KALEO believes ETH will rise toward $2,300 within the next month, but it might dump even harder in September toward new multi-year lows of $1,200.

Crypto Patel noted that ETH is “trading where long-term wealth is often built.” The analyst pointed out the $1,200-$1,800 range as the accumulation zone, and outlined some massive targets between $10,000 and $20,000 for ETH during the next bull cycle.

Merlijn The Trader outlined a similar development from 2017 that drove the asset toward new highs at the time. He added that those who had given up on ETH are “about to learn why the last holders won in 2017.” His analysis focuses mostly on ETH’s movements against BTC, noting that a surge past 0.029 would solidify the setup, but a dump below 0.026 would invalidate it.

Source: CryptoPotato