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▲ Ethereum (ETH)/ChatGPT generated image ©
A hyper-bullish forecast has emerged, suggesting that Ethereum could surge to $8,000 within the next six months, concluding its multi-year accumulation phase.
According to cryptocurrency media outlet Bitcoinist on April 11 (local time), crypto analyst Leshka.eth analyzed that Ethereum (ETH) is recreating a structural pattern seen just before past major uptrends, and could rise from a minimum of $6,000 to over $8,000 in this cycle.
The core of the analysis is the recurring pattern observed in the ETH/BTC chart. He noted the trend in 2016 where Ethereum consolidated in a long-term low range before breaking out, then entered an accumulation phase, and subsequently a full-fledged bullish phase. At that time, Ethereum surged over 1,500% from $56 to $1,151 during the 2017 bull market.
This time, the same structure is unfolding on a larger timeline. The analyst believes the first long-term sideways trading period lasted from 2018 to 2021, followed by an accumulation phase that continued from 2021 to 2026. As each phase is significantly longer than in the past, this uptrend could also be stronger and more explosive.
Increased institutional buying and reduced supply on exchanges are also presented as factors supporting the bullish argument. The media reported that institutions are buying more Ethereum than in the past, and the amount remaining on exchanges continues to decrease. This is seen as a factor increasing the likelihood of strong supply and demand pressure in the future.
The analyst believes Ethereum could rise 3 to 4 times from its current level. Converting this to price, it would be a minimum of $6,000, with an upper bound exceeding $8,000. If this materializes, Ethereum is expected to set a new all-time high this year.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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