A cryptocurrency trading expert has identified Ethereum’s (ETH) latest price surge as a key signal for the start of a new bull market, potentially propelling the asset to as high as $8,000 in the coming months.
This momentum follows Ethereum’s breakout from a prolonged consolidation phase, which has signaled robust bullish sentiment as the asset edges closer to key resistance levels and the possibility of a new all-time high.
Technical indicators point to a bullish breakout
Alan Santana, a prominent cryptocurrency analyst, highlighted that Ethereum’s price rebound is largely anchored by the 200-day moving average (MA200), a critical long-term support level.
Ethereum price analysis. Source: Alan Santana/TradingView
This moving average has held firm, including in November 2022, October 2023, and more recently, late 2024. After a retest in August this year, Ethereum successfully consolidated above the MA200, paving the way for its strongest weekly gains since April 20
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