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Ethereum Eyes $5,500 Amid Illiquid Supply Crunch And ETF Momentum
Ethereum (ETH) recently peaked at $4,946 before dropping to around $4,000. Analysts remain optimistic about ETH reaching $5,000, citing rising illiquid supply and positive ETF momentum. August's price surge was fueled by a broader market rally and ETF inflows. Increased ETH reserves on Binance suggest profit-taking, but the majority of ETH remains illiquid. This illiquidity supports a long-term bullish outlook, although short-term corrections are possible. A break above $4,800 could push ETH towards $5,200-$5,500. September is predicted to see sideways or slightly bullish movement between $4,300 and $5,000. Failure to break $4,800, coupled with rising exchange reserves, could lead to a correction to $4,200. Some analysts anticipate ETH testing $4,000 before further upward movement. Despite this, whale accumulation continues, with a recent addition of 260,000 ETH. One analyst predicts a 100x increase for ETH.
