Ethereum (ETH) Price To Surge More Than 75% in Coming 2-3 Months

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The past few months have been rewarding for Bitcoin (BTC) investors following the high-impact spot BTC exchange-traded funds (ETFs) approval news. As a result, Bitcoins short-term holders (STH) and miners have accelerated profit-taking in the recent past amid heightened speculation of sell-the-news possibility.

Meanwhile, on-chain data analysis shows crypto whales and investors are getting focused on Ethereum (ETH) and other altcoins showing potential for a bullish outlook in the near term. Moreover, ETF experts believe there is a high probability that the United States Securities and Exchange Commission (SEC) will approve the spot Ethereum ETFs by May this year.

Experts on Ethereum Price Action

#Ethereum flipped the crucial level at $2,130 for continuation.

After that, breakout towards new cycle highs at $2,700 and looking for continuation to $3,500 in the coming 2-3 months. pic.twitter.com/4m1RkEUqxp

— Michaël van de Poppe (@CryptoMichNL) January 12, 2024

Having risen about 23 percent this week to reach a fresh two-year high of around $2,689, Ethereum price action is likely to continue in a bullish outlook in the near future, if the instrument manages to consistently close above the resistance/support level around $2,400.

According to a reputable crypto analyst Michaël van de Poppe, Ethereum price is en route to reach $3,500 in the next few months. Furthermore, the ETH/USD price has already flipped the crucial resistance level around $2,130 into robust support.

"Strong opinions, weakly held" is my trading motto

I have long held to the concept of "buy the rumor, sell the news" – and that the announcement of an approved ETF in $BTC could bring forth a local blow off top in crypto

I was wrong …… pic.twitter.com/QwzOm24FhM

— Peter Brandt (@PeterLBrandt) January 11, 2024

The ETH bullish remarks have also been echoed by veteran trader Peter Brandt, who added that the ascending wedge has been broken and the bulls are in control.

The rise of Ethereum after Bitcoin during the crypto bull season has always triggered a rejuvenated rally in most altcoins. As a result, the altcoin industry could register significant gains in the near term before a halving correction kicks off.

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