- Ethereum’s $4K breakout from a multi-year triangle fuels $8K target hopes as volume and sentiment align for sustained growth.
- Strong social optimism and muted bearish sentiment boost Ethereum’s rally prospects while technicals point toward a potential $8K move.
- Rising support and bullish momentum suggest Ethereum could extend gains beyond $4K with $8K in sight if buying pressure holds.
Ethereum’s price action is at a decisive point as it breaks above $4,000 for the first time in eight months. This surge follows a textbook breakout from an ascending triangle pattern on the monthly chart, a formation widely seen as highly bullish. Technical analyst Doctor Profit predicted this move two months ago, and recent momentum now points to a possible rally toward $8,000.
Source: Doctor Profit
The ascending triangle has formed over several years, starting from Ethereum’s sub-$400 days in 2017. Its horizontal resistance between $4,000 and $4,800 has repeatedly blocked rallies. However, a rising support line has shown that buyers are willing to enter at increasingly higher prices during each correction. This tightening range built pressure that has now exploded upward.
Technical Breakout Signals Strong Upside
Besides the clean breakout, the measured height of the triangle suggests a target near $8,000. This projection comes from adding the pattern’s height to the breakout point. Recent price action around $4,245 confirms the move, and volume spikes add further credibility. Moreover, the pattern’s long-term nature gives it strong predictive value, encouraging bullish traders to hold positions.
However, sustaining the rally will require consistent buying pressure. Any temporary overbought conditions may lead to short pullbacks. Yet, with market structure favoring the bulls, such dips could present buying opportunities.
Social Sentiment Fuels Momentum
Furthermore, since late July, there has been a notable increase in bullish remarks, according to Santiment sentiment data. In comparison to bearish remarks, terms like “buy,” “bullish,” and “higher” have increased in frequency. When Ethereum broke above $4,000, there was the most dramatic surge in optimism.
Source: Santiment
As a result, the upbeat tone conveys real assurance rather than fleeting excitement. Because bearish sentiment is still comparatively low, there is less chance that skeptic traders will immediately put pressure on the market to sell. Furthermore, rather than a sudden speculative bubble, the steady pace of enthusiasm may encourage long-term price growth.
