Title: 3 signs Ethereum price is on track toward $2.5K by September

Aug 11, 2022 01:31AM ET

By: AnalysisWatch

Aetherium's equity, Aether, has more than doubled in value since hitting a low of about $885 in June 2022. It now expects a decisive move toward $2,500 in August, according to multiple technical and fundamental indicators.

Etherium's circuit split means more tokens.

Much of Ether's ongoing rally has come thanks to the "merger," a network upgrade that will switch Etherium's core blockchain protocol from proof-of-work to proof-of-stake in September.

Simultaneously, the switch to PoS will also eliminate the role of miners in the chain, replacing them with validators. This fear led Chandler Guo, a Chinese cryptomining expert, to oppose the merger by keeping the PoW version of Ethereum alive.

As a result, a chain split is possible. Guo has already branded his version of the Ethereum PoW chain as "ETHPoW," along with its native token "ETHW." Additionally, some crypto exchanges have already listed the token for trading, with even Binance considering doing the same if necessary.

A key takeaway from the potential chain split is that existing Ether holders will receive an equal number of tokens from both new chains.

This, in turn, could increase demand for ETH in the market, bringing its price to the $2,500 mark on the eve of the merger.

A bullish reversal is underway.

During its recent price recovery, Ether confidently surged towards the critical support and resistance range of $1,625-$1,975.

ETH/USD now aims to regain this range as support, thereby securing a strong price floor to continue the rally towards and above $2000. Its closest upside target is the 50-week exponential moving average at 2340 USD.

The next range-breaking target could be the multi-month resistance of Ether's downtrend line at around USD 2500

Institutional inflows are gaining momentum.

The $2,500 technical upside target is getting signals from the recent increase in capital inflows into Aetherium-based investment funds.