Ethereum Price Prediction: Can ETH Soar To $8000?

Ethereum (ETH) price drew attention as it experienced rising whale activity and record inflows at press time. These signs suggested the cryptocurrency might be gearing up for a surge.

Growing market movements indicated that Ethereum price could be on track for a significant jump. Predictions suggested it could reach as high as $8,000 in the coming years.

Ethereum Price Formed Bullish Flag Pattern

The Ethereum price chart showed a developing bull flag pattern on the monthly timeframe. It signaled the potential continuation of its upward trend.

A bull flag is a technical chart formation that usually follows a strong rally, which is represented by a “flagpole”. It follows a consolidation phase, often forming a flag-like shape. The pattern suggests that the price could continue to climb higher after this consolidation.

When writing, Ethereum price was testing the lower band of this pattern, which some analysts believed was a key point to watch.

If Ethereum manages to break through the upper resistance of the flag pattern, the target price could reach as high as $8,000. A price move toward $8,000 would represent a significant rise from current levels, which hover around $1,750–$2,400.

According to the technical analysis, the Ethereum price action has been supported by certain price levels. The support range was around $1,500 to $1,800.

This zone has historically acted as a foundation for price rebounds. The next major resistance was around $4,000 to $4,400, a level that has been a hurdle in the past. A breakthrough of this resistance could signal an upward trend, with $8,000 being the projected target.

Whale Activity and Ethereum Inflows Surge

New research shows that many whales are back in operation as prominent investors have taken advantage of the latest price swings.

According to Crypto analyst Ali Charts, whales sold over 63,000 Ethereum within 48 hours. That suggested large investors were adjusting their stakes. They were perhaps booking profits or making adjustments to their investment portfolio.

On the other hand, the number of Ethereum entering accumulation addresses has increased tremendously. On April 22, a staggering number of 449,000 ETH coins flowed into these addresses simultaneously.

That suggested large players were in the process of stacking Ethereum, perhaps in preparation for the next upswing in prices. The growing inflow suggested a shift toward more long-term accumulation, with these players betting on the cryptocurrency’s future performance.

The accumulation of whales occurred at the same time as growing interaction within the Ethereum network. Active addresses increased by 10% within two days, meaning there is growing faith and participation from the investors.

However, despite these positive signs, Decentralized Finance (DeFi) has not exhibited explosive growth. DEX volumes did not increase significantly. It suggested that while the whales returned, the rest of the market remained stagnant.

Institutional Interest and Large Transactions

According to IntoTheBlock, institutional participation in Ethereum has increased in recent months. For instance, large transactions in ETH have risen significantly. This factor may suggest that wealthy investors are investing in cryptocurrency.

The upward trend was vividly observed on the 22nd of April, whereby the transaction volumes surpassed 6,000. This increase in the number of transactions indicated an increased confidence in Ethereum from institutional investors.

Historically, large transactions have been associated with price movements. The chart revealed that Ethereum’s price also surged with the rise in the number of big players. These large traders may be driving the price up in a bullish manner after making these large transactions, according to the observed change in price.

However, at press time, bullish momentum was still in control. Ethereum price traded at $1796.44, experiencing a 1.9% surge from the intraday low. During the rally, Ethereum market capitalization and 24-hour trading volume soared by 1.96% and 11.52%, respectively, to $216.88B and $17.15B.

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