Ethereum is back in the game as the price showed some strong upward movement today. After a few slow sessions, ETH bounced back and managed to retest the week’s previous high. At the same time, more than 35 million ETH is now staked, that’s almost 30% of the total supply locked away, reducing the amount available on exchanges. This kind of supply squeeze often leads to sharp price surges when demand rises.
One analyst even observed that during past bull runs, Ethereum posted incredible gains, a 300x surge in 2017 and a 50x rise in 2021.
While no one is expecting another 300x, the analyst said that if ETH were to increase six times its current value, it could even cross the $10,000 mark in the next major cycle.
Ethereum Short-Term Price Analysis
For now, Ethereum’s price is holding up well. The important thing to understand is that it hasn’t shown any sign of forming a top yet. In fact, as long as the price stays above the recent swing low of $2,415 there’s a good chance that the uptrend will continue.
When the futures markets opened earlier today, Ethereum’s price quickly jumped, testing Thursday’s high. Although it hasn’t broken through this resistance level just yet, the momentum is clearly building.
If Ethereum can manage to push above this zone, the next targets would be around $2,570 and $2,620. Crossing these levels would be a big signal that bulls are back in control.
In the short term, everything depends on how Ethereum handles the current levels. If it stays strong and breaks above this week’s high, it could trigger a fresh wave of buying. However, if the price falls below $2,415, it might signal a pause or a short pullback before attempting another move higher.
