Ethereum (ETH) Targets $8,000+ Market Top: Price Analysis

Ethereum is the number two cryptocurrency by market capitalization after Bitcoin Therefore, if and when $BTC moves into the last huge run-up for this bull market, $ETH will not only follow, it is likely to outperform. How far can the $ETH price go?

$ETH price retests very strong supports

Source: TradingView

In the daily time frame it can be seen that the $ETH price is still traversing within a flag. The price has previously bounced from the ascending trendline (faint dotted line) and has just come back to retest the very strong horizontal support base at $4,000

Huge horizontal support at $4,000

Source: TradingView

Zooming further out into the weekly time frame the magnitude of support at that $4,000 horizontal support level becomes apparent. Yes, the $ETH price did fall back in each of the last three weeks - once even falling below $3,600, but each time the price was bought up strongly by the bulls, leaving long candle wicks underneath the support. Very bullish.

Looking left as far back as 2021, it can be seen how this $4,000 level acted as a massive resistance level, with just one breakout for the top of the 2021 bull cycle. Now this level has been flipped into adamantine support, and it should act as the base for a potential colossal surge into the culmination of this bull run

Strong $ETH price concurrence for bull market top

Source: TradingView

Zooming out in the same weekly time frame, huge possibilities open up for $ETH. Just to kick things off, the price action since the $1,400 local bottom could be taken as a flag pole, with the flag possibly now having completely formed. A measured move would take the price to $7,300.

If one then draws in the Fibonacci extension levels from the top of the 2021 bull market to the very bottom of the bear, one can see how the levels line up beautifully with price action throughout this entire bull market. The 0.786 Fibonacci level coincides perfectly with the aforementioned $4,000 horizontal line. It can then be seen that the 1.618 Fibonacci target level concurs closely with the measured move for the bull flag.

Finally, if one draws a trendline from the top of the 2017/18 bull market, and through the tops of the 2021 bull market, this could also provide a target for the $ETH price of $8,000 to $9,000

The Stochastic RSI indicators are at the bottom and could be just starting to tick sideways. Once they cross back up, it’s game-on. With so much concurrence in a price top of over $7,000, a rampant and exhilarating final phase of the bull market could be just about to commence.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.