EthereumThe long-term outlook appears to be very positive, as we are seeing a wave of optimistic predictions for ETH moving to unprecedented levels in the ongoing market cycle. As ETH navigates its way through a phase of volatility, a change in momentum could signal the start of the next major price surge.
The $8,000 price target remains within reach for Ethereum.
Amid worsening market conditions, cryptocurrency expert and investor Trader Tardigrade said: point out Optimistic future for Ethereum in recent analysis. Notably, the analyst argued that the altcoin’s path to new all-time highs is unperturbed by the ongoing situation. market fluctuations.
This means that ETH’s long-term bullish outlook is unlikely to be derailed by short-term turmoil. The analyst’s forecast comes in light of rising investor confidence and rising accumulations. altcoinThis is the upward trajectory of .
According to experts, 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 similarly to past cyclical trends and hitting all-time highs. The expert said, “The 2021-2025 cycle pattern is very similar to the 2018-2021 cycle pattern.”
Moreover, he emphasized: ETH A larger consolidation is developing before the next major bull run towards the $8,000 level. This massive consolidation is seen as the final consolidation as ETH prepares for a breakout into uncharted territory.
Ethereum’s upward momentum is further strengthened by the formation of key chart formations, particularly the cup and handle pattern. Merchant Tardigrade quotation The pattern after examining the price movement of ETH over a monthly period.
The cup and handle formation is a bullish technical pattern that signals a period of consolidation and breakout. This is a positive continuation that occurs during an uptrend, indicating that ETH may be on the rise.
If Ethereum breaks out of this important pattern, analysts expect a big move in ETH to be followed by an overall rally. altcoin market. With the cup and handle pattern often seen as a harbinger of upward growth, this move could solidify the altcoin’s path to new all-time highs.
Increasing volatility hinders ETH price
Over the past week, ETH has been trending between $3,500 and $3,290, raising concerns about near-term growth. This price movement appears to be due to increased volatility, especially since it was rejected at the $4,000 resistance level. Sharp fluctuations were observed due to the downward trend. investor Take a look at ETH’s next course of action.
IC News famous The decline took Ethereum below the critical $3,500 level before finding strong support at the $3,000 level. The $3,000 support represents a critical point due to the convergence of demand and alignment of the 100-day and 200-day moving averages.
Featured image from iStock, chart from Tradingview.com