Ethereum’s price has been on a rollercoaster ride. While it’s up a solid 46% since the start of 2024, December saw a significant dip from around $4,000 to below $3,400. But don’t worry, says crypto analyst Trader Tardigrade – this is just a temporary setback.
A Bullish Outlook for ETH
Trader Tardigrade, known for spotting long-term trends, believes Ethereum is in its final consolidation phase before a major price surge. They predict a massive jump to $8,000 sometime in 2025.
History Repeats Itself?
Their analysis focuses on Ethereum’s weekly chart, drawing parallels to the 2018-2021 cycle. Back then, ETH consolidated around $500 for a while, with its then-all-time high of $1,500 seeming unreachable. But that consolidation was followed by a huge rally in 2021. Tardigrade sees a similar pattern unfolding now, leading to a potential $8,000 price target.
Long-Term Holders Are Betting Big
Reaching $8,000 would be a new all-time high for Ethereum, a whopping 64% above the current high. While the prediction is based on past performance, the drivers for this potential rally are different this time around. The 2021 boom was fueled by DeFi, NFTs, and dApps. Now, institutional investment and Spot Ethereum ETFs are expected to be key factors.
Interestingly, on-chain data shows more long-term ETH holders in 2024 than Bitcoin holders. About 75% of ETH holders are in it for the long haul, many expecting prices to soar past $5,000 in 2025.
The Bottom Line
Currently trading at around $3,354, a move to $8,000 would represent a massive 140% increase. While it’s a bold prediction, Trader Tardigrade’s analysis suggests a significant price rally for Ethereum is on the horizon.
