EthereumThe long-term view appears to be correct as ETH sees a wave of bullish predictions about moving to unprecedented highs in the ongoing market cycle. As ETH navigates a volatile phase, a change in momentum may indicate the start of the next big price increase.
$8,000 Price Target Remains Within Reach for Ethereum
Amid the deteriorating market conditions, Trader Tardigrade, a crypto expert and investor, has point to the optimistic future of Ethereum in the latest analysis. Specifically, the analyst said that the altcoin’s path to an all-time high is unwavering. market fluctuations.
This means that ETH’s long-term outlook is less likely to be disrupted by short-term turbulence. The analyst forecast comes on the back of rising investor confidence and rising hoardings, which could keep the figure an altcoin‘s upside trajectory.
According to experts, Ethereum’s path towards the $8,000 milestone remains intact, which shows the resilience of ETH in the current market cycle. His bold prediction hinges on ETH doing the same to the cyclical trends of the past, leading to its all-time high. “The patterns of the 2021-2025 cycle are very similar to those of the 2018-2021 cycle,” the expert said.
Moreover, he highlighted that ETH it is developing a major consolidation before its next bull hit the $8,000 level. This massive consolidation is considered final as ETH prepares to break out into unspecified territory.
Ethereum’s high momentum is further strengthened by the main chart formation, especially the Cup and Handle pattern. Trader Tardigrade identified pattern after examining the action of the ETH price in a monthly period.
The A Cup and Handle formation is a bullish technical pattern that marks a consolidation period followed by a breakout. It is a positive continuation formation that occurs during an uptrend, indicating that ETH may be set to move higher.
If Ethereum breaks out of this key pattern, the analyst expects a big move in ETH followed by a general rally. altcoin market. With the Cup and Handle pattern often seen as a precursor to an upward trend, this move could solidify the altcoin’s path to new all-time highs.
Increased Volatility Affects ETH Price
In the past week, ETH has been moving between the $3,500 and $3,290 limits, raising concerns about its short-term growth. This price movement is likely due to bullish growth, especially since it was rejected at the $4,000 resistance level. A pullback is responsible for sharp fluctuations such as investors navigate to the next course of action for ETH.
IC news noted that this decline caused Ethereum to fall below the key value of $3,500 before finding strong support at the $3,000 level. The $3,000 support represents an important point due to the convergence of demand and the alignment of the 100-day and 200-day moving averages.
Featured image from iStock, chart from Tradingview.com