Ethereum could be on the path to $8,000 as it enters the final phase of a long-term bullish pattern that closely mirrors the Dow Jones rally from the 1980s. Supporting this move are macroeconomic factors like potential Fed rate cuts and strong Ether ETF inflows. On the development front, Ethereum core developers are preparing the Fusaka hard fork for November, focused on scalability and efficiency, with further upgrades under the Glamsterdam fork expected to be confirmed by August 1.
At the time of writing, ETH was trading at $3,713.
ETH, after taking support at the key level of $2,150, surged up to $2,625. Post this move, the asset was consolidating in a range from $2,625 to $2,475. ETH finally gave a breakout above the range and witnessed a sharp rally up to $3,860. The asset has made a ‘Long-Legged Doji’ candle at the recent high, indicating indecision in trend. We may expect some consolidation or minor profit booking from these levels. ETH has a strong resistance zone from $4,000 to $4,150, whereas $3,500 and $3,350 will act as strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,350 | $3,500 | ETH | $4,000 | $4,500 |
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