August 12, 2025
5 min read
Scott Matherson
Ethereum Price Set to Surge to $8,500? Understanding the Current Bull Run Dynamics
Ethereum’s price trajectory has taken on a decisively bullish tone with significant gains over the past week. Technical analysis now points to a potential rally that could push Ethereum not only beyond its current all-time high of $4,878 but also towards $8,500. A recent analysis by TradingView analyst melikatrader94 highlights the formation of a Right-Angle Broadening Formation (RABF) on Ethereum’s daily candlestick chart. This rare but powerful continuation pattern has been developing since March 2024 and suggests strong bullish momentum ahead.The Mechanics of Ethereum’s Current Bull Run
Ethereum has experienced remarkable price action recently, rising approximately 20% in the past 24 hours and 45% over the last seven days. This surge has propelled the leading altcoin to its highest levels since the 2021 bull market peak. According to the analysis, the RABF pattern is defined by a horizontal resistance zone between $4,200 and $4,300, coupled with a downward-sloping support trendline. This indicates that buyers are becoming increasingly aggressive with each pullback, pushing Ethereum closer to breaking the resistance. The last bounce off the support trendline occurred in early April 2025, when Ethereum hit a low of $1,470. Since then, it has surged roughly 194%, now attempting to break above the upper resistance line.Price Target and What Needs to Happen
Using the measured move principle, the breakout target from the RABF pattern is approximately $6,370, calculated by adding the pattern’s vertical height (~$2,070) to the breakout level ($4,300). However, if bullish momentum remains strong, Ethereum could extend its rally to $8,500. This outcome depends heavily on Ethereum closing decisively above $4,300 on the daily chart with robust trading volume. Such a breakout would likely trigger a rapid advance, with only a brief consolidation near $5,100 before continuing upward. On the downside, key support levels to monitor are $3,700 and $3,200 if Ethereum fails to hold above $4,300. At the time of writing, Ethereum is trading around $4,320, outperforming other major cryptocurrencies like Bitcoin, XRP, and Solana, which have seen declines in the past 24 hours.Featured image from iStock, chart from TradingView.com
Source: NewsBTC on August 12, 2025