Ethereum Up 15%, HODLer Makes Over $131 Million: Up Next $2,800?

Ethereum is shaking off weaknesses for the better part of July through August. Looking at the daily chart, the coin is above $2,400—a local support–and buyers are closing in on $2,800. Even though there were hopes of rapid gains in the past few days, the uptrend set in motion from last week stands. At press time, Ethereum buyers are squarely in control, adding a whopping 15% from September lows. If bulls build on recent gains, there will be no discounting the possibility of ETH not only breaking $2,800 but retesting $3,500 in Q4 2024.

Bulls are confident, and this is shown by their recent performance. The coin, more like Bitcoin, is up 15% in the past week. Even so, trading volume remains low, at around $17 billion. For the trend to continue, traders will closely monitor how prices perform at $2,800. At the same time, trader involvement will be crucial if momentum is to build up.

Traders are closely watching the following trending Ethereum news:

• After holding for over two years, on-chain data shows that one trader made over $131 million. The trader, trackers show, bought 96,639 ETH at the depth of the 2022 bear market for around $1,567. The HODLer has since sold nearly 70,000 ETH, sending coins to Kraken.
• Chainlink, the blockchain-agnostic Oracle, leads in development activity among ERC-20 projects. Over the last 30 days, the protocol leads other projects, submitting more commits that second place Ethereum.

Ethereum Price Analysis

ETH/USD buyers are back in control, per the formation in the daily chart.

Ethereum is within a bullish breakout formation.

As bull bars band along the upper BB, the momentum is strong and could set the base for even more gains.

Aggressive traders can consider longs on dips as long as $2,400 holds.

If prices expand, the short-term target would be $2,800.

Any sharp dump, forcing prices below $2,400, would question the strength of bulls, slowing down the momentum.