Ethereum‘s upward trajectory toward higher levels looks promising once again, as several price developments show that the crypto asset might be regaining its bullish strength. With prices showing signs of growth, ETH could witness a wave of investors, causing a resurgence of upbeat momentum in the short term.
Impending Bullish Pattern Spark Market Confidence In Ethereum
As Ethereum struggles with strong resistance levels, Doctor Profit, a technical expert and trader, pointed to a bullish structure on ETH’s chart that might lead to a huge surge in the following weeks. Looking at ETH’s price action on the monthly time frame, Doctor Profit highlighted that the altcoin is currently forming a massive Ascending Triangle pattern.
An ascending triangle formation is a crucial technical pattern often associated with strong breakout potential toward higher levels. This impending key pattern highlights rising strength, preparing ETH for a major upswing.
With the pattern gradually emerging, the expert contends that the road to the $4,000 and $8,000 region is about to begin. Thus, an investment below the $4,000 level is ideal for the mid-term. “Those who bought with me at $3,200 recently are already seeing good profits,” he added.
While ETH recently saw a notable golden cross on December 4, there have also been significant outflows from crypto exchanges. More than 7.9 million Ethereum have been moved from crypto exchanges to private wallets in the past 2 months, indicating a shift in investors’ sentiment.
Presently, only 104 wallet addresses own about 53% of the total ETH supply, which is a critical factor to consider ahead of its next major rally. Meanwhile, Doctor Profit noted that many of these whales have persistently amassed additional tokens below the $4,000 threshold.
As a result, the expert is confident that ETH is getting ready for a huge upswing toward the $6,000 zone in 2025, with a target of $8,000 by the end of the year. The analyst expects ETH’s path to these levels to begin once a decisive break above the impending ascending triangle formation occurs.
Drawing attention to his chart, Doctor Profit has underlined a strong support at the $2,800 mark, which he considers the “perfect entry point.” While $2,800 may be perfect, accumulating ETH ahead of the level could be better than waiting for it to develop. Meanwhile, he has highlighted $3,150 as an excellent entry point for mid-term investors.
Growing Adoption To Fuel ETH’s Rally?
ETH is demonstrating renewed upside strength, attracting more than 3% gains in the past day. Given the growing investors’ confidence and massive adoption of the Ethereum network, the new-found momentum may be the beginning of a much larger rally.
Doctor Profit mentioned that Deutsche Bank is creating a Layer 2 solution on the Ethereum blockchain to solve the regulatory issues that financial institutions encounter. This significant development could fuel a price increase in the long run.
