Trading expert sets Ethereum roadmap to $8,000 
Cryptocurrency Nov 22, 2024 Share
A cryptocurrency trading expert has identified Ethereum’s (ETH) latest price surge as a key signal for the start of a new bull market, potentially propelling the asset to as high as $8,000 in the coming months.
This momentum follows Ethereum’s breakout from a prolonged consolidation phase, which has signaled robust bullish sentiment as the asset edges closer to key resistance levels and the possibility of a new all-time high.
Technical indicators point to a bullish breakout
Alan Santana, a prominent cryptocurrency analyst, highlighted that Ethereum’s price rebound is largely anchored by the 200-day moving average (MA200), a critical long-term support level.
Picks for you
Bybit promotes crypto education Webinar in Africa with up to $10,000 in prizes 14 hours ago Solana's path to $4,000 now open after hitting ATH 14 hours ago Bearish alert: Here’s how low Silver can go in this downtrend 15 hours ago Jim Cramer says ‘all I can tell you is to own Bitcoin, that's a winner’, flash crash imminent? 15 hours ago 
Ethereum price analysis. Source: Alan Santana/TradingView
This moving average has held firm, including in November 2022, October 2023, and more recently, late 2024. After a retest in August this year, Ethereum successfully consolidated above the MA200, paving the way for its strongest weekly gains since April 2021.
Santana noted that the current weekly candle, supported by the highest trading volume since November 2022, confirms a robust bullish breakout.
Ethereum key levels to watch
Ethereum’s immediate resistance sits at $3,342, followed by $4,011, and then a significant hurdle at its previous all-time high of around $5,800.
Beyond this, the projected targets include $7,322 and $7,871, based on the extension of the previous bull-market cycle.
Unlike earlier cycles, where cryptocurrency was shrouded in skepticism and opposition from governments and traditional finance, the current market benefits from widespread legal acceptance and global support, setting the stage for unprecedented growth.
More bullish projections
Adding to the growing optimism, crypto trading expert Rekt Capital highlights that Ethereum is currently breaking out of its short-term bull flag, signaling strong bullish momentum.
Ethereum price chart. Source: Rekt Capital
If the breakout holds, ETH could revisit the $3,700 resistance level, marking a key step in its upward trajectory. This move reflects growing optimism in the market as Ethereum continues to build on its recent gains and targets higher levels.
Ethereum price analysis
At the press time, Ethereum is trading at $3,300, marking a 1.5% drop in the last 24 hours but maintaining a strong 8% gain over the past week.
Ethereum seven-day price chart. Source: CoinMarketCap
Institutional players and whales drive market optimism, with a massive accumulation of 430,000 ETH worth $1.4 billion in just two weeks, as Ali Martinez reported. This activity highlights growing confidence among large-scale investors.
Sentiment data further underscores this bullish outlook, with smart money sentiment soaring to 2.28 on a scale of -5 to 5, compared to a neutral 0.06 from retail investors.
The optimism aligns with AI projections, which set a year-end target of $3,800 to $4,200 for ETH, suggesting further upside as whales and institutional players position for the next rally.
Featured image via Shutterstock