EthereumThe long-term outlook for ETH looks quite positive as ETH sees a wave of bullish predictions about moving towards all-time highs in the current market cycle. As ETH goes through a volatile phase, a change in momentum could signal the start of its next major price rally.
$8,000 price target remains within reach for Ethereum
Amid declining market conditions, crypto expert and investor Trader Tardigrade has pointed an optimistic future for Ethereum in a recent analysis. Specifically, the analyst claimed that the altcoin’s path to a new all-time high is undisturbed by market fluctuations.
This implies that ETH’s long-term bullish outlook is unlikely to be derailed by short-term turbulence. The analyst’s forecast comes against the backdrop of growing investor confidence and increasing accumulation, which could keep the altcoinThe upward trajectory.
According to the expert, Ethereum’s trajectory towards the $8,000 mark remains intact, indicating the resilience of ETH in the current market cycle. His bold prediction is based on the fact that ETH will perform similarly to past cycle trends, which led to its all-time high. “The trends in the 2021-2025 cycle are very similar to those in the 2018-2021 cycle,” the expert said.
He further emphasized that ETH is developing further consolidation ahead of its next massive bull run up to the $8,000 level. This huge consolidation is believed to be the latest as ETH prepares for a breakthrough into uncharted territory.
Ethereum’s bullish momentum is further strengthened by the formation of a key chart formation, particularly the Cup and Handle pattern. Tardigrade Merchant quoted the trend after looking at the ETH price action over the monthly time frame.
A Cup and Handle formation is a bullish technical pattern that marks a period of consolidation followed by a breakout. This is a positive continuation formation that occurs during an uptrend, indicating that ETH may be ready for an upward move.
If Ethereum breaks out of this crucial trend, the analyst expects huge moves in ETH followed by a rally in the general. altcoin market. With the Cup and Handle pattern often seen as a precursor to upside growth, this move could solidify the altcoin’s path to a new all-time high.
Increased Volatility Hampering ETH Price
Over the past week, ETH has been moving between the $3,500 and $3,290 threshold, raising concerns about its near-term growth. This price movement is likely attributed to increased volatility, especially since it was rejected at the $4,000 resistance level. The decline was accompanied by strong fluctuations while investors discover ETH’s next action plan.
IC News note that this decline caused Ethereum to fall below the critical $3,500 mark before finding strong support at the $3,000 level. The $3,000 support represents a crucial point due to the convergence of demand and the alignment of the 100 and 200 day moving averages.
Featured image from iStock, chart from Tradingview.com
