This analyst predicts a 50% price explosion on Ethereum

The crypto analyst whose handle is Kaleo has 586,700 Twitter followers. In a recent Tweet, he claimed that Ethereum could surge to $2,400. Except it specifies that the price will first drop to $1600 before rising again.. If the prediction comes true, the price of Ethereum will rise to the level it last reached in May 2022 before the collapse of the Terra (LUNA) ecosystem.

Daily Hodl relaying on Twitter the words of a crypto analyst that Ethereum will explode by 50% in the “best scenario”.

A maximum increase of 50% expected on Ethereum

Kaleo is a crypto analyst and trader who has a considerable following on social networks, mainly Twitter. In a tweet published on May 12, he declared : “ This is still my best-case scenario for ETH. Dip to $1,600, then raise to around $2,400 to retest the pre-LUNA/UST liquidation breakdown level. »

Bluntz, fellow cryptocurrency strategist and fellow Kaleo fellow crypto strategist Bluntz shares his view on the future of ETH. Indeed, according to Bluntz, Ethereum which is the second largest crypto asset by market cap, could go down to a minimum of $1,600 before potentially ending his current corrective move. According to Daily Hodl, Bluntz says:

ETH is being completely mutilated right now. I’m not sure where I will be looking for long positions, probably between $1600 and $1700 and even then I would like to see a very large reversal candle. »

Predictions corroborated by a crypto analysis firm

Santiment, a recognized company specializing in crypto analytics, notices that the supply of ETH on crypto exchanges is decreasing. It would even have plunged to its lowest level in eight years.

As Ethereum fell to $1,780 today, we saw the supply on the exchange continue to dwindle. The percentage of ETH on exchanges is at an all-time low (10.1%) since the start of public trading in 2015. This is essentially the all-time high for non-exchange holdings. »

Like all major cryptocurrencies, Ethereum has suffered from the bear market which has been raging for more than one year. Several times, a general price increase has already been announced. Could we finally see it happen in the near future?

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