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The Ethereum currency has been on a strong run of late, with prices up around 10% over the past two weeks, reaching around $2,120 after hitting levels around $2,200.
Analysts believe that if the currency can settle above $2,147, it could gain more ground.
Analyst Ali Martinez said a move above this level could open the way to $2,335 or even $2,542.
He also noted that the “MVRV” indicator indicates that prices are approaching historical levels, which are typically associated with the peaks of bullish cycles.
Some traders agree, as they believe a daily close above $2,150 could push the price towards $2,400.
On the other hand, some data on the network supports this bullish scenario, with the number of ETH on the trading platform falling to 15.93 million, the lowest level since 2016, indicating that investors are turning to self-storage and reducing selling pressure.
However, some analysts warn that the opposite could be happening. A break above the $2,109 level could push the price below $1,900, especially with the relative strength index (RSI) approaching the overbought zone.
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230 million ADA sold in one week sparks fears of Cardano falling again
