Ethereum Eyes 2-Month High in 7% Surge: Here’s What’s Next

• Ethereum is closing in on its highest price in 2 months.
• The asset has outperformed Bitcoin in the past seven days.
• Several market analysts have shared a positive outlook on the asset.

In recent months, Ethereum (ETH) holders have had their belief in the asset shaken amid changing token supply dynamics , market underperformance, and seemingly unending selling pressure .

In the past few days, however, the asset has shown signs of strength in a run that has seen it outperform crypto market leader Bitcoin (BTC) and edge close to a 2-month high.

Can ETH continue this momentum?

Ethereum (ETH) Nears $2,800

At the time of writing, ETH is trading around the $2,700 price level, less than 4% away from the $2,800 price level, which it last traded at near the end of August 2024.

The asset nears the two-month high. Over the past seven days, it has surged over 7% from around the $2500 price point to current levels, outperforming BTC, which has only seen a 5% increase.

Amid ETH’s recent run, several analysts have shared a significantly positive outlook on the asset. What’s next for ETH?

“The Most Interesting Chart”

In a Monday, October 21 post , veteran commodities trader Peter Brandt suggested that ETH topped the list of most interesting chart developments he could see. The statement came as the analyst shared a chart asserting that the asset had broken out of an inverted head and shoulders chart pattern on its daily candle chart, which could be the beginning of a long-term bullish run.

Citing a similar chart pattern, prominent stock and crypto trader “IncomeSharks” shared a chart with a near-term target of $3,000. 

IncomeSharks is, meanwhile, not alone in this view. Prominent crypto analyst Ali Martinez has suggested ETH could surge to the $3,300 price point if it can hold support at the $2,660 price point.

Still, users must be careful not to act out of FOMO , as the $2,800 level has previously provided strong resistance.

On the Flipside 

• ETH is still only up about 18% year-to-date (YTD) compared to Bitcoin, which is up about 60% YTD.
• The $2,800 level may still serve as resistance to ETH.

Why This Matters

A significant price rally will likely allow ETH to shake the overwhelmingly negative sentiment in the past few months.

Read this for more on Ethereum:
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