Ethereum Is Mute: ETH Analyst Predicts A 10x Surge to $29,000 in 12 Months

Ethereum is following Bitcoin and remains relatively mute, looking at the formation in the daily chart. As long as the coin floats above the $2,200 zone, there is a chance buyers will flow back. A close above $2,800 is critical for uptrend continuation. Before then, conservative traders should adopt a wait-and-see approach even with interest in spot Ethereum ETFs growing. Losses below the current support range or gains above the local resistance levels will shape the short to medium-term trend.

When writing, Ethereum is not out of the woods, just yet, and traders are waiting for trend definition. Reflecting on this state of affairs and how prices are evolving. The second most valuable coin is up 4% over the previous week. Meanwhile, the average trading volume is lower, at around $21 billion.

Traders are closely monitoring the following trending Ethereum news:

• Despite criticism that Ethereum is “uncool”, the endorsement from politicians and top technology companies is massive. Taking to X, one predicts the coin to more than 10X to over $29,000 by the end of next year.
• Even though Ethereum briefly roared after the approval of spot Bitcoin ETFs in January, then again in July, the general trend versus BTC has been bearish. As of September 19, it has been more than 730 days of discouraging lower lows.

Ethereum Price Analysis

ETH/USD is up but below $2,400.

Even with the anticipation, the volatility of September 18 saw the coin break higher but remain below $2,800.

Technically, ETH is within a descending channel of which bears are squarely in charge.

Nonetheless, the expansion above $2,400 is positive, allowing aggressive Ethereum traders to load the dips targeting $2,800.

Even so, what’s needed is a conclusive, high-volume breakout above $2,800.

Once this prints out, Ethereum might easily soar to over $3,500.

Any dump below $2,200 cancels out this outlook.