A trading expert is projecting that Ethereum (ETH) is likely to hit a new record above $5,000, potentially extending to $8,000 in the coming months, citing bullish technical indicators.
The outlook is based on Ethereum’s long-term weekly charts, which show the asset has been consolidating in a descending triangle pattern since peaking in November 2021.
Despite multiple failed attempts to break out of this structure, most recently in December 2024, the pattern of rising lows from June 2022 to April 2025 suggests mounting upward pressure, according to a TradingView analysis by Master Ananda on July 5.
The expert noted that April 2025 marked a lower low, forming a rounded bottom structure at the $2,425 support level.
While ETH briefly dipped below that level, it quickly reclaimed it, signaling strong buying pressure. This move is seen as marking the end of a long bearish phase that began in March 2024.
The key resistance level to watch is around $3,068, the 0.618 Fibonacci retracement, followed by the $3,800 to $4,000 range, where price could revisit previous highs.
However, the real target lies at $5,791, the 1.618 Fibonacci extension, expected to be reached before the end of 2025. Ananda noted that momentum could potentially carry ETH as high as $8,500.
“Now, if we really want to talk about minimum because we really don’t care about worst case scenario, the fundamentals are improving and everything is getting better, consider $5,791. This would be the minimum. With the Ethereum ETFs and the 2025 bull market, we then open up $8,500 and so on,” he said.
Ethereum’s key support level
Meanwhile, analysis by Ted Pillows in an X post on July 6 highlighted the importance of Ethereum maintaining the $2,500 support zone. He observed that the second-ranked cryptocurrency continues to show resilience, holding firmly above this level, now viewed as a key pivot for potential upside momentum.
In his outlook, the analyst noted that the digital currency is finding consistent buy-side interest between the $2,500 and $2,600 range. This period of consolidation follows a volatile June, during which the price briefly dipped below $2,400 before quickly recovering.
Currently, the next major resistance lies near the $2,800 and $2,900 range, a supply zone ETH has struggled to break above since May. A successful retest and bounce from $2,500 could pave the way for a breakout toward those levels.
Ethereum price analysis
At press time, Ethereum was trading at $2,522, having remained relatively stable over the past 24 hours, but was up more than 3% over the past week.
As it stands, market watchers will be monitoring how Bitcoin interacts with the $2,500 zone. If the support holds, attention may soon shift toward reclaiming the $2,800 level.
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