A bullish megaphone on the Ethereum price chart, highlighted by digital assets pundit CryptoGoo, suggests an all-time target of $8,000 if the setup is successful.
This rally will represent a massive percentage gain of 74% from the press time value of $4,590.
Over the last 24 hours, the price has risen slightly by 1.84% with various on-chain and fundamental factors pointing towards a bullish thesis.
These factors include open interest reaching an all-time high on CME futures, spot ETH ETFs accumulating 10X more inflows than Bitcoin, and VanEck referring to Ethereum as the Wall Street token.
Ethereum Price Eyes $8,000, Says Analyst
According to CryptoGoo, ETH is expected to reach $8,000 after a bullish megaphone pattern appeared on the weekly chart.
A bullish megaphone pattern, also known as a broadening formation, signals increasing volatility with a bullish bias.
This setup is formed when price action creates a series of higher highs and higher lows. Also the two trendlines diverge outward like a megaphone.
In CryptoGoo’s Ethereum chart, this structure is highlighted by yellow circles marking each peak and trough over the past few years.
The pattern began taking shape around 2022, with ETH repeatedly bouncing between the upper resistance and lower support lines before finally breaking out.
The target price of $8,000 is derived using a standard measured-move technique. Analysts measure the vertical distance between the widest points of the formation.
In this case, the gap between the lower lows near $800 and the upper highs around $4,500. That span of roughly $3,600 is then projected upward from the breakout level near $4,500.
By adding the height of the pattern to the breakout zone, the result points to a target in the $8,000 region.
This projection suggests that ETH could rise by approximately 74% from its breakout. That would confirm the bullish megaphone’s upside potential if momentum persists.
ETH ETFs Record 10X Bitcoin Inflows
Spot Ethereum ETF products have attracted over 10 times more inflows than spot Bitcoin ETFs over the last five days.
As per insights on CoinGlass, spot ETH ETFs accumulated $1.83 Billion inflows since August 21. Their Bitcoin counterparts attracted $171 Million.
On Wednesday, the inflows on spot Ethereum ETFs fetched $310.3 Million while Bitcoin’s recorded $81.1 Million.
These skyrockecting inflows have also reflected on Ethereum price, which has since risen by 5.95% over the last one week.
Bloomberg ETF analyst James Seyffart noted that investment advisers continue leading. Top holders of Ethereum ETFs, and have a combined total exposure of $1.3 Billion.
SEC filings show Goldman Sachs at the top of the list, holding $712 Million worth of ETH ETFs. Interestingly, momentum has been shifting toward Ethereum since July’s passing of the Genius Act stablecoin legislation.
Now, Ethereum is on its way to growth. The network holds the largest market share of both stablecoins and tokenized real-world assets.
VanEck CEO Jan van Eck had this to say about Ethereum while on an interview with Fox Business,
“It’s very much what I call the Wall Street token…”
Beyond Ether ETFs, data from CryptoQuant suggest open interest (OI) in ETH Futures on the CME surpassed $10 Billion for the first time. This means an accelerating institutional participation.
Earlier this month, the number of large OI holders also hit a record 101.
Open interest represents the total dollar value of outstanding futures contracts. On the CME, these are split between standard contracts of 50 ETH and micro contracts of 0.1 ETH.
Both segments are expanding rapidly, with more than 500,000 active micro contracts and options OI climbing above $1 Billion.
