Ethereum might just be on the brink of rewriting its own record books. Despite a brief dip, the second-largest cryptocurrency is aligning for what could be a historic breakout towards $8,000.
Key Takeaways:
- Ethereum’s currently showing signs that might hint a historic surge despite a few days in the red
- It’s currently climbing up to test key resistance levels that would confirm the continuation of it’s bullish trend
- New heights might be reached if a certain Technical Analysis metric plays out
ETH might be gearing up towards new heights and bulls are feeling excited. Despite a temporary hiccup in the cryptocurrency market’s previous advances, Ethereum (ETH) is tracing a remarkably similar chart formation to previous major rallies, suggesting the asset could be on the verge of a historic breakout.
Specifically, ETH continues to hold above the 50-day moving average (MA) on its 3-day chart, rebounding from the $3,800 – $3,900 zone, according to the analysis shared by popular crypto trading expert Mikybull in an X post on October 28.
ETH’s Structure Points to Renewed Bullish Momentum
Aiming to Break New All-Time Highs
As it happens, the current structure closely mirrors earlier consolidations that preceded large upside moves, particularly the accumulation and breakout phases in 2023 and mid-2024. Each of these formations featured a rounded bottom, followed by a sustained climb and consolidation near resistance before surging to new highs, “like clockwork,” as the analyst put it.
If history repeats, the next leg could push Ethereum well above the $4,700 resistance zone, confirming a long-term continuation of its bullish trend.
For the time being, the market’s largest altcoin is trading at the price of $4,114.03, recording a 1.31% drop in the last 24 hours, an advance of 6.09% across the previous seven days, and a 2.94% increase over the month, according to the most recent charts.
What Does This Mean for Your Portfolio?
ETH Might Lead the Way for Altcoins
All things considered, Ethereum maintaining support above the moving average, alongside positive developments such as BitMine purchasing $319 million worth of ETH, indicates a growing potential for another macro-level rally that could define the closing months of 2025.
In fact, a recent ETH chart has suggested that the crypto asset’s one more impulsive wave could send it toward the whopping $8,000 mark, taking into account an Elliott Wave sequence showing four completed waves and a potential fifth one.
The highly expected Alt Season might be here very soon. The crypto world is watching closely.
What do you think?
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
