Ethereum mirrors stocks as ETH price chart hints at ‘final surge’ to $8K

Key takeaways:

• Ethereum could surge toward $8,000 arsenic it enters the last signifier of a semipermanent bullish pattern.

• The signifier is strikingly akin to Dow Jones’s bullish operation from 1980.

• Other indicators besides hint astatine gains successful Ethereum markets successful the coming months.

Ethereum’s autochthonal token, Ether (ETH), is connected the verge of a “final surge” toward $8,000, says expert Gert van Lagen, who points to a striking resemblance betwixt ETH’s existent operation and a Dow Jones (DJIA) trend.

ETH signifier echoes 245% gains successful 2022–2024

At the halfway of Lagen’s outlook is simply a “ textbook expanding diagonal.”

It is simply a broadening megaphone pattern, whose little trendline has served arsenic beardown enactment to Ethereum’s erstwhile large rallies since mid-2022, including a 245% rally successful the November 2022-February 2024 session.

ETH/USD bi-weekly illustration with megaphone operation and Elliott Wave mentation structure. Source: Gert van Lagen

As of July 21, ETH trades midway betwixt the pattern’s precocious and little bounds, rebounding from the little trendline successful March. It present eyes a run-up toward the precocious trendline, sitting adjacent the $8,000 level, by aboriginal 2026.

To enactment this thesis, Van Lagen points to a akin setup successful the Dow Jones hourly illustration from 1980, which followed an expanding diagonal earlier peaking.

Dow Jones hourly illustration (Year 1980). Source: Gert van Lagen

He further aligns this signifier with Elliott Wave theory, which breaks bull markets into 5 intelligence phases.

Ethereum is present successful its 5th and “final surge” wave, oregon the blow-off top. This is typically the astir volatile stage, wherever momentum accelerates, terms enactment becomes unpredictable, and precocious buyers unreserved in.

Ascending triangle hints astatine 80% ETH terms rise

Ether’s terms technicals amusement it has reclaimed the multiyear ascending trendline arsenic enactment and is present consolidating wrong a textbook ascending triangle pattern.

The triangle’s horizontal absorption portion betwixt $3,900 and $4,150 is present being tested.

ETH/USD two-week terms chart. Source: TradingView

A breakout supra this scope could trigger a measured determination toward $7,150, astir 80% supra the existent levels, and person to the megaphone pattern’s target.

Macroeconomic tailwinds, including expected Fed complaint cuts and ongoing Ether ETF inflows, whitethorn enactment ETH’s rally and bounds downside risk, adds Felix Xu of ZX Squared Capital, portion suggesting a $10,000 terms lawsuit for Ether.

Related: Wall Street piles into Ethereum as stablecoins are greenlit and RWAs expand

Consensys projects Ethereum’s basal price to scope $4,900 by the extremity of 2025 and $15,800 by 2028, utilizing a “cost-to-corrupt” exemplary that links ETH’s worth to the outgo of attacking the network.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.