Ethereum Breaks Through Bull Flag...Analyst: "$8,000 Within 6 Months"

▲ Ethereum (ETH)/ChatGPT Generated Image

Ethereum (ETH) is showing signs of resuming its long-term upward trend, rapidly spreading expectations of a breakthrough to $8,000.

According to crypto media outlet Bitcoinist on April 11 (local time), Ethereum is showing a similar trend to the early stages of past bull markets, with key technical indicators simultaneously flashing bullish signals. Analysts noted that Ethereum has broken through the upper resistance line of the bull flag pattern after moving past the bottom formed in late 2023. The historically low supply on exchanges is also cited as a factor increasing upward price pressure.

Analyst Ali Martinez diagnosed that the ascending channel formed on higher time frame charts is open up to $8,000. Martinez stated, “If the current support level holds, Ethereum will break its all-time high in the short term and continue its strong upward trend with massive capital inflows.” The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also clearly show a dominance of buying pressure.

Institutional capital inflows also support upward expectations. Ethereum spot ETFs are attracting hundreds of millions of dollars weekly, rapidly absorbing market liquidity. The increased weighting by large asset managers such as BlackRock acts as a factor strengthening long-term investment sentiment.

On-chain metrics also support the bullish trend. The number of active addresses and transaction volume are increasing, raising network utilization. The tokenization of real-world assets and the expansion of decentralized finance are driving demand for Ethereum, strengthening its role as a digital infrastructure.

Ethereum is showing signs of gradually easing selling pressure ahead of breaking through key resistance levels. With continuous large-scale capital accumulation, it is assessed that a foundation for entering a bull rally is being formed.

*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.*