The second-largest cryptocurrency has hovered around $2,500 over the past several days, with some analysts predicting a decisive breakout above that level and a surge to much higher ground.

Others remain cautious, expecting ETH to head south to around $2,000 before starting a bull run.

The Bullish Perspective

According to X user Ted, ETH is moving towards the $2,550 resistance again, anticipating a pump to $3,000 once the asset initiates a strong weekly close above that zone.

Michael van de Poppe shared a similar thesis, suggesting that if Ethereum tests the $2,520 area and starts to break upwards, it could climb all the way to $3,000. For their part, X user TRACER noted that the asset has recently tested the $2,500-$2,550 range six times, with each rejection getting weaker.

“This resistance will break soon,” they predicted.

MikybullCrypto appears to be the biggest optimist. The analyst opined that a “mega breakout” of the nine-year trendline resistance is on the way, setting the stage for a possible explosion to a new all-time high of $9,000.

The declining amount of ETH stored on exchanges supports the bullish theory. Just a few days ago, Ali Martinez disclosed that over 116,000 coins (worth nearly $300 million) were withdrawn from centralized platforms in 48 hours.

“With exchange supply shrinking this aggressively, the setup for a major move is getting interesting,” he explained.

The analyst also highlighted the major support zone around $2,475, where roughly 2.86 million ETH have previously exchanged hands. “As long as this level holds, the path toward $2,722 remains relatively clear,” Martinez said.

The growing institutional demand reinforces the bullish perspective. Last week, spot ETH ETFs attracted almost $220 million, and cumulative total net inflows now surpass $13.17 billion.

Pullback Ahead?

X user Void claimed ETH has formed an inverted head-and-shoulders pattern on the daily chart, and that one leg down will confirm the setup. That said, the analyst expects a potential drop to $2,000, saying that without this move south, “we can’t go higher.”

Gerla offered a similar perspective. The analyst noted the formation of the aforementioned structure, anticipating a short-term correction to around $2K, followed by a major rally above $4,000 in the coming months.

Source: CryptoPotato