Ethereum Targets $3,300 as Analyst Sees 3.5% Drop

A prominent crypto analyst has indicated that Ethereum (ETH) is on the verge of a significant upward movement. In a recent strategy session, the pseudonymous trader Pentoshi shared his insights with his 863,800 followers on the social media platform X. According to Pentoshi, the second-largest digital asset by volume is poised to reach a price tag of $3,300, although no specific time frame was provided for this prediction.

Pentoshi's analysis suggests that Ethereum is currently on its way to a price point of $2,800, which, if achieved, could open the door to a more substantial move towards the $3,300 mark. He emphasized the importance of this intermediate target, stating, “ETH. Getting closer for its move towards 28xx, flip that opens a potentially big move into $3,300. But first, let’s get there.”

Earlier in the week, Pentoshi had predicted that Ethereum would hit $2,800 during its current surge. He advised that any dips during this period would present optimal buying opportunities. His statement read, “I wouldn’t sleep on ETH here either. It has had a nice reclaim at a key high-time frame (HTF) level as well as 200-day moving average. Price has been brought back up now, but still four hours out from the close yet. $2,800 is [in my opinion] highly likely in the short term. Dips [are] likely for buying for now.”

As of the latest update, Ethereum has not yet reached Pentoshi’s predicted price of $2,800 for this cycle, although it did come close, peaking around $2,700. At the time of writing, Ethereum is trading at $2,577, reflecting a 3.5% decrease over the past 24 hours.

Pentoshi's analysis highlights the potential for significant price movements in Ethereum, with key levels at $2,800 and $3,300 serving as critical milestones. His insights suggest that investors should closely monitor these levels, as they could indicate the direction of Ethereum's price in the near future. The trader's predictions are based on technical analysis and market trends, providing a valuable perspective for those interested in the cryptocurrency market.