Ethereum continues to attract investor attention after reaching new historic highs. Analysts provide insights regarding the potential for price growth.
Price Projections for Ethereum After the Record
An analyst suggests that Ethereum's price is targeting $5,400 just a day after reaching a new all-time high. He emphasizes that the current trend continues to strengthen. The market, fueled by Federal Reserve Chair Jerome Powell's comments regarding potential monetary easing, has witnessed a significant increase in interest toward Ethereum.
New All-Time Highs for Ethereum
On August 22, Ethereum achieved a new all-time high after 1,381 days of waiting. The market's reaction was immediate, with daily trading volume for Ethereum surging by 147%, significantly impacting price. According to Coinglass, open interest in ETH also jumped by 15% over the past 24 hours.
Ethereum Supply Shrinks on Exchanges
The supply of Ethereum on exchanges has shrunk to just 18.8K ETH. Whales are rapidly draining liquidity, which could lead to further price increases. Recent contributions from investors like former U.S. President Donald Trump, who purchased $4.9 million worth of ETH, add to the market's bullish sentiment.
With the current data and analysts' forecasts, Ethereum shows strong potential for further growth. A price target of $5,400 is anticipated if strong market conditions persist.
