- Ethereum has managed to overcome the downtrend established over several years with a symmetrical triangle breakout projecting a possible price explosion to the $8,000 mark.
- Last month, large holders saw a consolidation of more than 1.80 million ETH, and it was a period of price rally and mass trading activity.
- Staying above 4,000-4,200 is important in keeping the momentum and injecting fuel into the future trend of Ethereum’s rise.
Ethereum has exited out of a mature symmetrical triangle formation, and this event implies the possibility of a movement up to $8 000 in the near future.
Long-Term Resistance Finally Breached
Market analyst Titan of Crypto reported that Ethereum has moved beyond a consolidation phase that lasted several years. Since its 2021 peak, ETH had been trading within narrowing boundaries—a descending resistance line above and an ascending support line below. The most recent monthly close saw the price move decisively above resistance.
Symmetrical triangles tend to remain neutral until a breakout occurs. When the move follows the prevailing trend, the expected target is often calculated from the triangle’s height. In Ethereum’s case, this measurement points directly toward $8,000. Analysts note that holding above $4,000–$4,200 would reinforce the breakout’s validity.
Large Holders Increase Accumulation
Crypto analyst Ali revealed that in the last month, whales purchased over 1.80 million ETH. This accumulation took place as Ethereum was building momentum toward its breakout. Such buying activity from large investors often signals long-term market conviction.
As of writing, Ethereum trades at $4,194.60, posting a 7.73% gain in the last 24 hours and 19.25% over the past week. The daily trading volume stands at $40.76 billion, indicating strong market participation.
Path Toward the Projected Target
If Ethereum maintains its price above the breakout zone, analysts believe further gains are likely. The $8,000 target is derived from projecting the triangle’s height upward from the breakout level.
The market watchers believe that additional institutional interest and primary and retail involvement will help to uphold the current pace. Ethereum has stalled in extremely compressed price action over the past several years and finally seems to be breaking out to the upside, assuming consistent buy pressure remains consistent.
