Ethereum Elliott Wave Pattern Signals Potential Rally to $7,000–$8,000

Ethereum (ETH) is exhibiting a structured Elliott Wave pattern, with analysts predicting a potential fifth wave rally that could drive prices into the $7,000–$8,000 range. According to technical analysis by Ash Crypto, ETH has completed corrective waves (2) and (4), and is now poised for an impulsive wave (5) if the pattern holds. The cryptocurrency is currently trading around $3,976.99, with strong support between $3,800 and $3,900 underpinning the bullish setup.

Whale accumulation has intensified, with BitMine Immersion Technologies making significant purchases totaling approximately $1.5 billion in ETH across three transactions, bringing its holdings to 3.03 million ETH—about 2.5% of the total supply. This institutional buying, tracked through platforms like Kraken and BitGo, signals reduced sell-side supply and growing confidence. BitMine's chairman, Tom Lee, maintains a $10,000–$12,000 price target for ETH in 2025, citing factors like potential Federal Reserve rate cuts and expanding tokenized infrastructure.

Other industry figures, including Arthur Hayes, former CEO of BitMEX, reiterate bullish stances, with Hayes targeting $10,000 and suggesting prices could reach $20,000 before the current cycle ends. The upcoming Fusaka upgrade in December is expected to boost transaction throughput, with analysts projecting it could push ETH toward $7,000–$9,300. Market data shows ETH's capitalization at $468.32 billion and 24-hour trading volume of $29.63 billion, reflecting stable participation despite broader corrections.