Key Insights
- •ETH price slipped by 6% amid Ethereum’s stablecoin activity surging in October, reaching a record monthly transaction volume.
- •As per a top analyst, the price of Ethereum could be preparing for one of the biggest breakouts in the history of the largest altcoin.
- •Each move higher reflected not just technical recovery but also broader optimism fueled by the network’s growing utility.
ETH price lost 6% amid Ethereum’s stablecoin activity surging in October, reaching a record monthly transaction volume.
One of the top analysts on X made a bold Ethereum price prediction of $8,000 as traders moved into stable assets and yield-focused strategies as uncertainty swept through the wider crypto market.
Analyst Shares ETH Price Prediction of $8k
The price of Ethereum could be preparing for one of the biggest breakouts in the history of the largest altcoin.
According to an analysis by @ali_charts, the next target for Ethereum is $3,800, a price level that will act as the main support that will springboard ETH price to the $8,000 region.
If we zoom in on ETH price, a strong base of support seems to be forming above $3,800. At this level, the base could form for a price consolidation that will trigger the next bull run for Ethereum.
From a structural standpoint, Ethereum’s trajectory suggests a measured rise through resistance layers at $4,900, $5,600, and $6,400.
The levels on the chart respect the Fibonacci levels that the price should clear soon for a rally to take place. Once the ETH price breaks past $4,900, an acceleration to a new all-time high is inevitable.
Furthermore, the chart indicates the long-term forecast will see the price maintain momentum towards high lows and higher highs, just as it was in 2020.
This pattern indicates a classic sign of growing strength. As such, ETH price must hold above $3,800 as the cryptocurrency continues to seek a target of $5,000.
In simple terms, Ethereum looks technically ready for another leg higher. The $3,800 level serves as a key inflection point—a successful rebound here could ignite the rally that pushes ETH past $4,900 and into new price territory.
If this scenario plays out, Ethereum’s next great move may already be unfolding before our eyes.
Ethereum Stablecoin Volume Hit $2.8 Trillion All-Time High
Ethereum price performance reflected a clear technical and fundamental alignment. In October, stablecoin volumes on the Ethereum network reached $2.82 trillion, a 45% increase.
The activity surge proved there was renewed demand across the altcoin’s ecosystem and helped stabilize Ethereum’s price.
On the charts, Ethereum held firm around the $1,500 support level, a key area that had repeatedly attracted strong buying interest in past market cycles.
The support level served as the launch springboard for the price to recover momentum after the earlier pullbacks.
Meanwhile, Ethereum still faces rejection at the upper boundary of its descending channel amid its slide towards a key demand zone near $3,200.
At the time of writing, the altcoin struggled to reclaim its 100-day moving average, now trading just above the 200-day line around $3,400.