Ethereum Price Prediction: Analysts Target $8K in New Cycle

ETH Outflows and Technical Breakout Strengthen Bullish Setup

The crypto world is closely watching Ethereum (ETH) as it navigates a key recovery zone, with new indicators suggesting the impulse phase may be gaining traction. The token recently bounced off a major liquidity zone between $3,600 and $3,800, a level that once acted as both support and resistance. Combined with weakening selling pressure on exchanges, the technical outlook now tilts toward new strength.

Analyst Wacy highlighted a bullish setup on the 2-day chart showing that the coin's rebound from the $3,600-$3,800 zone points to a higher low formation. The RSI has reversed at around 40, and the stochastic oscillator shows that the zone of oversold has indicated a bullish crossover. These momentum changes follow periods of exhaustion and hint at a transition from sell-side dominance to accumulation.

ETHUSD 2D CHART | SOURCE: X

The analyst projected that, if support holds, resistance zones between $4,400 and $4,600 could be breached, followed by a push beyond $5,000. The longer-term structure is consistent with the view that a break above recent highs would validate a resumption of the prior uptrend.

Ethereum Outflows Fuel Accumulation

Additionally, data from Santiment reveals that over 230,000 ETH left exchanges in a tight 48-hour window, signalling strong accumulation. With reduced money to sell in the exchanges, pressure on the sell-side decreases, and buyers regain control.

Ethereum Supply on Exchanges | Source: X

Moreover, price action suggests that there is low intent to sell, with exchange inflows being subdued. The decrease in the on-exchange supply is accompanied by strong prices, which indicate that investors are becoming long-term players rather than passive holders. If the trend continues, the $4,000-$4,100 zone could become a resilient support base.

ETH Breakout Hints at Bullish Cycle

Furthermore, analyst Trader Tardigrade brought a macro view with an Elliott Wave interpretation of Ethereum’s path. The chart suggests the price could be getting into Wave C of a larger impulsive cycle. Meanwhile, the corrective phase (A–B) is complete, and the token has broken out of a long-term downtrend line, forming a series of higher highs and lows.

ETHUSD 1W CHART | SOURCE: X

Notably, provided that such a wave formation holds, the upside could extend to targets of between $8,000 and $20,000, which is consistent with previous trends of bull cycles. Tardigrade indicated that the token could be one-third through its run, with significant room for growth. Key resistance lies ahead, yet if support holds, a sustained rally is imminent. 

At the time of press, ETH is trading around $3,823 and is rising steadily amid a bullish market.