Ethereum Shows Signs of Potential $8,000 Price Target by Year-End

crypthub

2 days ago

Ethereum Price Analysis and Potential

Ethereum (ETH) is currently trading near a critical price point, priced around $4,350, and experiencing recent price declines of 2% in the last day and 3% over the past week. Technical analysis suggests a potential breakout based on a Wyckoff accumulation pattern, with a target of $8,000 by the end of Q4 and $10,000 later in the cycle. A weekly close above $4,750 is viewed as necessary to initiate a new rally.

Technical Chart Patterns and Support

A breakout from a falling wedge pattern on the weekly chart signals a bullish outlook for Ethereum. This pattern, formed after a significant earlier move, indicates a potential upward continuation toward a projected range of $6,500 to $7,000. The $4,100 level, previously resistance, is now providing support.

On-Chain Data and Institutional Activity

Active Ethereum traders are approaching a realized price of $4,280, representing a key potential pivot point. On-chain data suggests continued accumulation from this group, though a failure to hold could lead to near-term selling. Institutional investment, specifically through BlackRock’s ETHA fund, remains significant, with $1.4 billion in purchases.