ETH has partially recovered from the strong decline it experienced in the past few weeks and has accumulated a 4% gain in the past 7 days. A prominent crypto analyst holds a bullish Ethereum price prediction as the token could soon step out of a text-book accumulation phase.
The popular trader Poseidon, who has more than 170,000 followers on X, used Wyckoff pattern analysis to determine that the top altcoin could soon explode as buyers have been accumulating the token for days, following its latest pullback.
This would set the stage for ETH’s next leg up, and possibly the strongest of the cycle, at a point when market conditions are favorable. Poseidon sees Ethereum climbing to at least $8,000 if his prediction comes to fruition.
The key support to watch, based on Poseidon’s estimates, would be the $3,800 level. ETH has bounced off this mark lately, emphasizing its relevance for market participants, as buying pressure remains strong at that area.
Ethereum Price Prediction: A Confirmed Breakout Out of Consolidation Could Push ETH to $8K
The daily chart shows how smaller accumulation phases have played out in the past and have pushed ETH to higher highs in three previous occasions.
The last of these two delivered a 67% gain after a confirmed bullish breakout out of a consolidation rectangle. Back then, the Relative Strength Index (RSI) climbed to overbought territory, confirming that bullish momentum was accelerating.
A move above $4,800, preferably accompanied by above-average trading volumes, could mark the beginning of this next leg up for ETH, with a first target set $8,000 at least, which is in line with Poseidon’s forecast for the top altcoin.
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The post Ethereum Price Prediction: As ETH Price Holds Around the $3,800, Crypto Analyst Says It’s Buy Time – Is ETH Going to $5,000 in 2025? appeared first on Cryptonews.
