Ethereum, despite being up by 46% since the start of 2024, has experienced a correction this December, currently consolidating below $3,400 after peaking at $4,000. Noted crypto analyst Trader Tardigrade offers a bullish forecast, suggesting Ethereum might hit $8,000 by 2025.
Based on historical patterns observed between 2018 and 2021, Trader Tardigrade sees the cryptocurrency's consolidation as a precursor to a significant upward trend. Similar past cycles saw consolidation followed by explosive rallies, suggesting this consolidation phase could lead to Ethereum's price soaring.
Eclipsing its previous all-time high of $4,878, reaching the $8,000 forecast would mark a 64% increase above it. Interestingly, this cycle's potential is powered by different factors, focusing more on institutional demand and interest in Ethereum ETFs, contrasting the 2021 rally driven by DeFi and NFTs.
Ethereum has notably attracted more long-term holders with over 75% of its current investors holding onto it beyond Bitcoin in 2024, anticipating ETH's rise beyond $5,000 in 2025. Currently trading at $3,354, Ethereum would see a 140% increase to reach the projected $8,000.
