Ethereum’s rally in 2021 was bolstered by interest in decentralized finance (DeFi), non-fungible tokens (NFTs), dApps, and smart contracts, of which ETH was at the forefront. Related Reading: Dogecoin Price At $5: Analyzing Previous Trends And Why A 1,500% Rally Is Possible Recent market dynamics place factors such as institutional demand and inflows into Spot Ethereum ETFs as the major drivers of any projected Ethereum price rally at this point. Amidst this backdrop, on-chain data shows that Ethereum has attracted more long-term holders in 2024 compared to Bitcoin.
Despite this, according to Trader Tardigrade, Ethereum’s target of $8,000 remains unchanged. Related Reading: Legendary Analyst Peter Brandt Says Bitcoin Price Could Crash To $78,000, Here’s Why The foundation of Trader Tardigrade’s analysis lies in ETH’s weekly candlestick chart, where patterns from the previous market cycle between 2018 and 2021 provide a roadmap for its current trajectory.
Historical Pattern Says Bullish Trajectory For Ethereum Trader Tardigrade, known for identifying long-term market trends, took to social media platform X to share insights into Ethereum’s price potential.
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