Ethereum Price Sees Tactical Bottom, Predicts 25% Upside to $2100

Former Bank of America strategist Stephen Suttmeier believes that Ethereum may be forming a 'tactical bottom'.

In his analysis report, Suttmeier said that if the price stays above $1690-$1700, it would support his thesis of the altcoin forming a tactical low above its June lows. Another confirmation for this bottoming pattern would be a reclaim of $1800.

Suttmeier's projection was based on technical analysis, particularly using moving averages (MA) to gauge short- and long-term momentum shifts. The Ethereum [ETH] price has briefly stalled below the 50-day MA (DMA).

If the 50DMA is decisively reclaimed as support (ETH price above $1800), the next upside target would be the 200-day MA(blue line) at $2.2K, Suttmeier added. This would imply a 25% upside potential if the $2.1K obstacle is cleared.