Crypto enthusiasts have long speculated about potential Ethereum (ETH) price targets and now one popular crypto analyst is offering his latest best-case scenario for the second-largest cryptocurrency by market capitalization. Kaleo, a widely followed crypto analyst and trader, believes that Ethereum could rally to levels last witnessed about a year ago. His prediction of his target price is $2,400, which is the same level that ETH reached in May of 2022. Conveniently, the prediction is backed up by fellow crypto strategist Bluntz who believes the Ethereum could find support at the $1,600 range prior to rallying potentially.

Ethereum has been slowly declining in value recently and has hit $1,780 at its lowest price. The percentage of ETH on exchanges at this moment is at its lowest since 2015, sitting at 10.1%. This indicates that majority of ETH is being held in wallets and not sold on exchanges. The demand for Ethereum has been steadily rising and this is evidenced by the increase of Ethereum-related transactions and the increasing number of individuals participating in Ethereum trading. Add to that a recent adoption spike, particularly for Decentralized Finance (DeFi) applications, and Ethereum's outlook looks favorable.

For now, it's tough to say where Ethereum will ultimately land in terms of value. Many experts are cautiously optimistic, especially given Ethereum's increasing use and strength of the Ethereum blockchain. Despite its recent dip, Ethereum is once again positioned to make a significant move, potentially hitting $2,400. However, it must first break through the $1,600 as a sign of strength and a bullish start. Regardless of the direction in which Ethereum goes, its potential is clear and we can expect more interesting price developments in the future.



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