Ethereum Price Nears ATH as Cathie Wood Doubles Down on ETH – Analyst Eyes $22K Rally

Ethereum price is getting closer to an all-time high. It trades at $4,693 today, August 13, with a 9% surge in 24 hours. Amid these gains, the CEO of ARK Invest, Cathie Wood, is doubling down on her bullish bias towards ETH. Analysts are also leaning bullish, saying it might reach $22,000.

Analyst Targets $22,000 Ethereum Price

Analyst Gert van Lagen has chimed in with where he expects the price to go. Currently, the all-time high of $4,891 is within sight, only 4% above the current price. Because of how much the Ethereum price is surging, this might not be its final stop, and Lagen supports this thesis.

Lagen observes that for the last four years, the ETH price has created an inverse head and shoulders. It is a sign that bears are no longer a concern, and the price is about to tick upwards. Given that the pattern has been formed over four years, getting to its target might equally take a long time.

Ethereum confirmed that it was breaking out when it went past $4,659. Normally, the price will come back here and retest this level. Once it is established as a firm support, the price rally may continue, and this might be what drives gains for ETH.

As aforementioned, Lagen says the ETH price will reach $22,000. He achieved this target based on how much the price dropped to form the dip marked by the head from the $4,659 level.

Getting to this high is also supported by CryptoQuant’s Ethereum Netflow data. The 30-day SMA has remained negative even throughout the massive surge in value in the last two months. This also shows more chances that the Ethereum price is going to move higher. However, there is still a need for concern as the Ethereum Foundation is dumping ETH.

Cathie Wood Flips Bullish on ETH as Institutions Buy

In a recent interview, the CEO of ARK Invest, Cathie Wood, said she had gone all in on Ethereum. She says that by looking at how institutions are turning to the token, it will be “the institutional protocol.” She also added that it is the first time that ARK Invest’s ETH ETF has gotten solid interest since it started trading.

Besides, ARK Invest is not the only one dipping its toes into ETH. CoinGape reported that Bitmine is making an ETH treasury push. The fund, under the efforts of Ethereum bull Tom Lee, is putting more ETH tokens into its bag.

If the level of institutional interest that Ethereum is getting does not die down, the short-term outlook suggests $4,891 will not be the last stop. Moreover, a long-term Ethereum price prediction signals that more gains are still in the pipeline.

In conclusion, the Ethereum price is getting a lot of attention. Many traders, both retail and institutions, are not shying away even so close to a record high. Therefore, getting to $22,000 might be in the cards for the largest altcoin.