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Ethereum's Large Consolidation Trend Points To Possible Price Explosion To $8,000
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Ethereum’s Large Consolidation Trend Points To Possible Price Explosion To $8,000

Scott Matherson
Scott Matherson
4 months ago
3 mins read
Ethereum Futures Show Signs of Optimism: Will Positive Funding Rates Drive a Breakout?

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Although Ethereum is currently up by about 46% from the starting point at the beginning of 2024, December has been underlined by a notable correction. This correction saw Ethereum declining noticeably from a $4,000 price point in the middle of the month, and it now finds itself consolidating below $3,400. 

Crypto analyst Trader Tardigrade recently shared a bullish outlook for Ethereum in light of this consolidation. Particularly, the analyst has projected a surge to $8,000 sometime in 2025.

Historical Pattern Says Bullish Trajectory For Ethereum

Trader Tardigrade, known for identifying long-term market trends, took to social media platform X to share insights into Ethereum’s price potential. According to technical analysis, the second-largest cryptocurrency is now in its final consolidation phase before commencing a strong leg upwards. This consolidation has made ETH’s previous all-time high look unsurmountable, especially as it has faced resistance at the $4,000 price level multiple times in the current market cycle. Despite this, according to Trader Tardigrade, Ethereum’s target of $8,000 remains unchanged. 

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The foundation of Trader Tardigrade’s analysis lies in ETH’s weekly candlestick chart, where patterns from the previous market cycle between 2018 and 2021 provide a roadmap for its current trajectory. During that earlier cycle, Ethereum consolidated near the $500 mark for an extended period, and its then all-time high of $1,500 seemed out of reach. However, this consolidation was followed by an explosive rally in 2021 amidst a backdrop of inflows and interest in the broader cryptocurrency market.

Trader Tardigrade sees parallels between that historical period and Ethereum’s ongoing price action in the 2021–2025 cycle. Therefore, the cryptocurrency’s current consolidation phase is building the necessary momentum for a similar rally, one that could ultimately push Ethereum to an unprecedented $8,000 price.

Ethereum price
Source: X

ETH Long-Term Holders Await Renewed Rally To New All-Time Highs

Reaching the $8,000 price target would see Ethereum trading at new highs and 64% above its current all-time high of $4,878. Although this outlook is based on parallels with the 2021 rally, factors that could push ETH in the current cycle are very different than they were back then. Ethereum’s rally in 2021 was bolstered by interest in decentralized finance (DeFi), non-fungible tokens (NFTs), dApps, and smart contracts, of which ETH was at the forefront. 

Related Reading: Dogecoin Price At $5: Analyzing Previous Trends And Why A 1,500% Rally Is Possible

Recent market dynamics place factors such as institutional demand and inflows into Spot Ethereum ETFs as the major drivers of any projected Ethereum price rally at this point. 

Amidst this backdrop, on-chain data shows that Ethereum has attracted more long-term holders in 2024 compared to Bitcoin. As it stands, around 75% of ETH holders qualify as long-term holders, with many of them anticipating ETH’s move above $5,000 and beyond in 2025.

At the time of writing, Ethereum is trading at $3,354, and a move to $8,000 would represent a 140% increase from the current price level.

Ethereum price chart from Tradingview.com
ETH bulls push for $3,400 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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