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.
ETH price analysis chart. Source: TradingView
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
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