Ethereum: Analyst predicts a 50% price explosion

The crypto analyst, known by the pseudonym Kaleo, has 586,700 Twitter followers. In a recent tweet, he claimed that Ethereum could rise to $2,400. However, he specifies that the price will first drop to $1,600 before bouncing back. If the prediction comes true, the price of Ethereum will reach the level it last reached in May 2022 before the collapse of the Terra (LUNA) ecosystem.

Ethereum To Explode by 50% in ‘Best-Case Scenario,’ Predicts Popular Crypto Analyst – But There’s a Catch https://t.co/bssCDy7JYT

— The Daily Hodl (@TheDailyHodl) May 13, 2023

A maximum increase of 50% is predicted for Ethereum

Kaleo is a crypto analyst and trader who has a considerable audience on social media, primarily Twitter. In a tweet published on May 12, he stated, “This is still my best case scenario play for $ETH. Dip to $1600s, then run it back up to ~$2400 to retest the pre LUNA / UST liquidation breakdown level.”

Bluntz, another cryptocurrency strategist and colleague of Kaleo, shares his view on the future of ETH. According to Bluntz, Ethereum, which is the second-largest crypto asset by market capitalization, could drop to a minimum of $1,600 before potentially ending its current corrective movement. 

According to DailyHodl, Bluntz stated, “ETH is getting absolutely mauled right now. Not too sure where I would be looking for longs, probably somewhere between $1,600 – $1,700 and even then I would want to see a very significant reversal candle.”

Predictions supported by a crypto analysis firm

Santiment, a recognized company specialized in crypto analysis, notes that the supply of ETH on crypto exchanges is decreasing. It has even plunged to its lowest level in eight years.

“As Ethereum has dipped to $1,780 today, we’ve seen exchange supply continue to decrease. The percentage of ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the all-time high for non-exchange holdings.”

Like all major cryptocurrencies, Ethereum has suffered from the bear market that has been prevailing for over a year. Many times, there have been announcements of a general price increase. Could we finally see it happen in the near future?