The second-largest cryptocurrency has staged a minor resurgence in the past few days, yet certain bullish signals suggest it could be on the verge of a further rally.

Analysts speculate that the price may soon surpass $2,300, while others warn that a potential drop to as low as $1,000 might also be on the way.

Exodus From Exchanges and More

The popular analyst Ali Martinez revealed that investors have withdrawn roughly 1 million ETH (worth almost $2 billion) from centralized platforms over the last 30 days. A deeper look on CryptoQuant shows that the total figure has plummeted to around 15.1 million, marking the lowest level in the past 10 years.

Such action is usually considered an optimistic sign for the cryptocurrency, with Martinez explaining:

“Falling exchange balances typically point to reduced sell-side pressure, a trend that supports Ethereum’s bullish outlook.”

Another positive development surrounding the asset is the return of institutional interest. According to SoSoValue, inflows into spot ETH ETFs have been dwarfing outflows on most days this month, meaning that conservative investors like pension funds and hedge funds have increased their exposure, forcing BlackRock, Fidelity, VanEck, Franklin Templeton, and other financial behemoths to back the shares with real ETH.

Institutions aren’t the only ones ramping up their interest in the asset, as earlier this week, Arthur Hayes (co-founder of BitMEX) spent over $2.5 million to purchase 1,332 units.

The Latest Forecasts

$2,300 appears to be a common short-term target outlined by multiple analysts. According to Ali Martinez, an increase of that magnitude is possible after the formation of a double bottom on ETH’s price chart and as long as the asset holds the $1,850 level.

For their part, KALEO envisioned a pump to $2.3K by mid-August, which could then be followed by a major drop to $1,200 and a revival in October.

Crypto Patel also gave their two cents. The analyst described a potential surge to $2,160-$2,400 as a likely scenario, going even further to predict a possible explosion to as high as $10,000 in the event of a confirmed close above $2,400. At the same time, they suggested that a rejection from the depicted range may open the door to a whopping crash to $1,500-$1,000.

Source: CryptoPotato