Market Analyst Anticipates Ethereum Surge to $8,000 Once This Historical Pattern Unfolds
Ethereum (ETH) experienced a notable surge on Friday, fueled by Bitcoins recent performance, which saw the leading crypto asset reclaim the $63,000 mark.
ETH traded at $2,663 at press time, marking a 4% increase in just 24 hours. This uptick has sparked renewed optimism among analysts, predicting further gains for ETH in the coming weeks.
Prominent crypto analyst Javon Marks expressed his bullish outlook in a tweet on Friday, suggesting that ETH is on the cusp of a significant price increase. Notably, Marks highlighted a key pattern from 2023 that led to a staggering 165% increase in ETHs value, suggesting that a similar surge could be imminent, with further potential for an even higher surge.
ETH (Ethereum)s next wave up is, by the pattern synchronicities to 2023, looking to be underway which can lead to $4,723.5, he wrote. A break above those levels brings $8,000+ in play! GO TIME.
Another analyst, known as Wolf, also expressed optimism, stating, In my books, this has been a hard retest of the upper boundary from the 18-month ascending triangle accumulation. From here, were primed for a strong bullish move. He anticipates that ETH could potentially surge beyond $13,000 if it breaks through key resistance levels.
However, despite the optimistic outlook, caution is warranted. According to data from a crypto analytics firm, there has been a significant increase in ETH deposits to exchanges, with over 150,000 ETH deposited on Thursday, September 19 alone. Notably, this is the highest influx since January. Such substantial inflows often signal rising selling pressure as traders seek to capitalize on recent price movements after an extended period of market consolidation.
Additionally, analysts from IntoTheBlock noted that ETH is currently trading at its lowest level against Bitcoin in over 40 months. While Bitcoin has experienced predominantly positive ETF flows, Ethereum has seen a trend of outflows, indicating that institutional investors may favor Bitcoins relative stability over the higher risk associated with ETH.
Additionally, concerns about declining interest in Ethereum have also emerged. Analysts from CryptoQuant reported a lack of activity among addresses holding 100,000 or more ETH. Although addresses in the 10,000 to 100,000 range are slowly accumulating, those holding between 100 and 1,000 ETH have been selling steadily.
This could signal a decline in ETHs market dominance, raising questions about the future momentum of the second-largest cryptocurrency.
Text source: ZyCrypto
