Analyst: When the weekly closing price is above $2800, ETH is expected to rebound to $3500

ChainCatcher news, according to Cointelegraph, crypto analyst Matthew Hyland stated in a video: if Ethereum's weekly closing price can break through $2,800, Ethereum could significantly rise to above $3,500 to $3,600, which would also drive altcoins up.

Data from CoinGlass shows that if the price of Bitcoin drops by 6% to $2,600, it could wipe out $1.07 billion in long positions, while if the price of Bitcoin rises, traders will be more confident, as only $400 million is at risk. Meanwhile, Jamie Coutts, Chief Crypto Analyst at Real Vision, holds an optimistic view on the price of Ether but claims that Ethereum's network activity needs to rebound before any significant changes occur.

However, not all analysts share the same view. Boomer Saraga, founder and CEO of Khelp Financial, recently stated that Ethereum's on-chain activity indicates that the network is approaching its peak performance, while price is a lagging factor.