Despite a 46% increase earlier this year, ETH faced a correction in December, dropping from mid-month highs of $4,000 to stabilize below $3,400.
Analyst Trader Tardigrade suggests that this consolidation mirrors past patterns, indicating a possible surge to $8,000 by 2025. Drawing parallels with the 2018–2021 cycle, where ETH consolidated around $500 before soaring, he believes a similar breakout could be on the horizon.
Currently, Ethereum is trading at approximately $3,341.83. A move to $8,000 would represent a significant gain, surpassing its previous all-time high of $4,878 by 64%.
Notably, Ethereum has attracted more long-term holders in 2024 compared to Bitcoin, with around 75% of ETH investors holding for the long term, anticipating a move beyond $5,000 in 2025.
As always, while historical trends can provide insights, the crypto market is highly volatile. It's essential to conduct thorough research and consider your risk tolerance before making investment decisions. Happy trading!
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