Ethereum’s price has finally broken free from a long period of sideways trading, hinting at a major price surge. This breakout from an Ascending Triangle pattern suggests good things to come for ETH.
The $7,800 Prediction
One analyst, Sohaibfx, predicts Ethereum could hit a new all-time high of $7,800. For months, Ethereum traded within a range, forming this bullish pattern. The price bounced higher and higher, but couldn’t break through strong resistance around $4,000.
The Road to $7,800
Sohaibfx’s chart shows Ethereum spent a good chunk of Q1 2025 between $2,000 and $4,000. This was likely a period of accumulation, where buyers quietly gathered their forces. There was also a significant pullback in late 2024 before the breakout, possibly a final shakeout before the rally.
The analyst’s calculation suggests a potential 333% jump to $7,800. This is based on the height of the Ascending Triangle ($4,000 – $2,000 = $2,000) added to the breakout point. A more conservative estimate, based on just the triangle’s height, would put the target around $6,000. However, strong buying pressure could push it even higher.
Support Levels and What to Watch
Sohaibfx points to $4,000 and $3,000 as key support levels. These should act as a cushion if the price dips after hitting $7,800.
While the analyst doesn’t mention specific indicators like MACD or RSI, the sharp price increase suggests strong momentum. However, Sohaibfx cautions that an RSI above 70 could indicate the market is getting overbought, potentially leading to a temporary pullback.
