Ethereum News Today: Ethereum's Bullish Patterns Clash With Bearish Risks as $7K Target Looms

Ethereum's recent price action has drawn comparisons to gold and Bitcoin in the lead-up to historic breakouts, with analysts suggesting the cryptocurrency could be poised for a significant rally. Ether (ETH) surged 4.7% in 24 hours as of Monday morning, outperforming the broader crypto market amid a volatile October, according to a Yahoo Finance article https://finance.yahoo.com/news/eth-leads-market-rally-patterns-124715380.html. Technical analysts highlight patterns in ETH's chart that mirror gold's 2025 breakout and Bitcoin's pre-halving trajectory, fueling speculation that Ethereum could soon test $7,000–$8,000 by December, the report adds.

The first parallel lies in Ethereum's price structure, which resembles gold's pre-breakout consolidation. X user Merlijn The Trader noted in the Yahoo Finance piece that ETH's three positively skewed peaks over two years, followed by a consolidation phase between $3,700 and $4,700 since July, align with gold's pattern before its 2025 rally. However, analysts caution that a breakout from the descending channel is necessary to confirm the pattern. Valdrin Tahiri of CCN emphasized that while the structure is valid, ETH's failure to break above the channel has led to weaker momentum, with lower highs signaling potential trend weakness.

A second analogy comes from Bitcoin's 2024 performance. Kamran Asghar observed that Ethereum's July–August rally, followed by a correction and subsequent consolidation, mirrors Bitcoin's behavior ahead of the halving event, the Yahoo Finance piece noted. If the pattern holds, ETH could follow a similar path to BTC's post-halving bull run, with Asghar projecting a $7,000–$8,000 target by December. However, Ethereum's recent on-chain data tells a mixed story. While ETF outflows have pressured ETH, on-chain metrics suggest accumulation by large holders. A "triple bottom" pattern around $3,750–$3,800 has emerged, with traders anticipating a rebound if ETH breaks above $4,000, according to a CryptoNews report https://cryptonews.com/news/etfs-rotate-amid-geopolitical-tension-bitcoin-see-20m-inflows-while-ethereum-bleeds-127-m/. Glassnode data further supports this, showing increased accumulation among large investors, the CryptoNews piece adds.

Despite these bullish signals, Ethereum faces headwinds. The cryptocurrency has fallen 6.5% since October's start, trading near $3,957 as of press time, the CryptoNews report said. Broader market uncertainty, driven by U.S.-China tensions, has also impacted crypto assets. While Bitcoin has stabilized near $111,300, Ethereum's struggles highlight its vulnerability to macroeconomic shifts. Analysts remain divided: some see a potential $10,000 ETH target if the gold and Bitcoin analogies hold, while others warn of a $3,500 slide should the descending channel persist, the Yahoo Finance piece concludes.