Ethereum finally broke out of the consolidation phase as every step towards expected breakout draws eyes of market eyes. According to analyst Doctor Profit, ETH is drawing an enormous ascending triangle on the monthly chart. It is targeting between $6,000 to $8,000 on a mid-term approach.
Those who entered the market below $4,000 are already reaping significant gains, with ETH recently climbing to $3,150, according to the analysis.
Key technical indicators
The golden cross that occurred on Dec. 4th was the most pivotal signal to date of the continuation of this upward momentum. With the supply of ETH on exchanges dwindling, decreasing supply and strong “BUY” investor sentiment underpin the notion of upward price movement for Ethereum into 2025.
More than 7.9 million ETH have been moved to private wallets from exchanges in the last two months, showing that they are increasingly confident of holding long-term.
Interestingly, the total number of only 104 whale addresses collectively hold 53% of the total supply of ETH. Their accumulation has come when the price has traded near the $4000 level, further consolidation that acts to give force to a potential monster move.
Institutional and network developments
The utility of Ethereum goes further than trading cryptocurrencies. On this note, an effort by Deutsche Bank to formulate a Layer 2 solution on the Ethereum blockchain presents developed institutional adoption.
The versatility of the blockchain in the field of asset tokenization, together with the regulatory solutions that Ethereum offers to financial players, make it a cornerstone for digital innovation at least until 2030.
Also, the market behavioral shift, assisted by the two early endorsements by an ETF, shows great support aligned for Ethereum as a long-term asset.
Entry points and targets for Ethereum
The analyst advises accumulation cautiously when the ETH price heads toward the support at $2,800. With the current price of close to $3,150, he does not advise waiting for perfect entry points.
The breakout of the ascending triangle could spark violent upward momentum, $6,000 being the first target and $8,000 projected by the end of 2025. For those who had jumped on the ride from either $900 or $2,200 levels, the journey is about to start.
