Ethereums long-term outlook appears to be quite positive as ETH sees a wave of bullish predictions of a move to unprecedented highs in the current market cycle. As ETH navigates the volatile phase, a change in momentum could signal the start of the next big price rally.
The $8,000 price target remains within reach for Ethereum
Amid slowing market conditions, Trader Tardigrade, a crypto expert and investor, has pointed at an optimistic future for Ethereum in a recent analysis. Specifically, the analyst has argued that the altcoin’s path to a new all-time high is not wavered by ongoing market fluctuations.
This means 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 rising investor confidence and growing accumulation, which could sustain altcoins upward trajectory.
According to the expert, Ethereum’s trajectory towards the $8,000 milestone remains intact, indicating ETH’s resilience in the current market cycle. His bold prediction hinges on ETH performing in line with previous cycle trends, which led to its all-time high. “Patterns in the 2021-2025 cycle are very similar to those in the 2018-2021 cycle,” the expert said.
Moreover, he highlighted it ETH developing a major consolidation before the next massive bull run to the $8,000 level. This massive consolidation is considered to be the last as ETH prepares for a breakout into uncharted territory.
Ethereum’s upward momentum is further strengthened by the formation of a key chart formation, specifically the Cup and Handle pattern. Trader Tardigrade cited the pattern after examining ETH’s price action on the monthly time frame.
A Cup and Handle formation is a bullish technical pattern that marks a period of consolidation followed by a breakout. It is a positive continuation formation that occurs during an uptrend, indicating that ETH may be set for an upward move.
Should Ethereum break out of this crucial pattern, 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 harbinger of upside growth, this move could solidify the altcoin’s path to a new all-time high.
Elevated volatility hinders ETH’s price
Over the past week, ETH has been trending between the $3,500 and $3,290 threshold, raising concerns about its short-term growth. This price action is likely attributed to increased volatility, especially as it was rejected at the $4,000 resistance level. The pullback has overseen sharp fluctuations that investor navigate ETH’s next approach.
IC News noted 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-day and 200-day moving averages.
