The Ethereum price has finally broken out of a months-long consolidation pattern, signaling the possible start of a significant bullish move. The recent breakout of an Ascending Triangle formation suggests that ETH is set for more gains, with a crypto analyst suggesting a price target of $7,800 in the coming months.

Ethereum Price Targets $7,700 ATH

The Ethereum price is believed to be targeting a new all-time high of $7,800 after its recent breakout from an Ascending Triangle. For months now, the cryptocurrency has been trading within this classic bullish chart pattern, where prices make higher lows while facing strong resistance at a fixed level.

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This consolidation pattern has been active since late 2024, establishing strong resistance at $4,000. TradingView analyst Sohaibfx has predicted that if Ethereum can surpass this resistance level, it would confirm a bullish trend, leading to a strong upward continuation in its price. 

Looking at the analyst’s price chart, Ethereum spent several months navigating between $2,000 and $4,000 in Q1 2025. This region represented an accumulation phase where buyers had quietly built their positions in anticipation of a potential rally. 

A descending channel marked in orange in the price chart also shows that Ethereum had experienced a significant pullback mid-to-late 2024 before breaking out. This was likely the final shakeout before it regained its bullish momentum. 

According to Sohaibfx, a measured move of the Ascending Triangle suggests that Ethereum is poised for an explosive 333% surge to $7,800. This bullish target is calculated by determining the height of the triangle, which is the difference between its base at $2,000 and resistance level at $4,000. 

When the price breaks above the resistance, the common method for estimating the possible next move is to add the triangle’s height to the breakout point, which gives a technical target of $6,000. However, based on past price behaviour and strong buying momentum, the Ethereum price could push even higher, with $7,800 being a key psychological level. 

Support Levels And Momentum Indicators To Watch

In his price analysis, Sohaibfx has pinpointed the $4,000 and $3,000 price levels as support levels for Ethereum. This support should act as a safety net, where buyers are likely to step in to prevent further decline after Ethereum reaches its projected $7,800 target. 

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Moving forward, the analyst highlights key momentum indicators that should be monitored. While the analyst’s chart does not specify indicators like Moving Average Convergence Divergence (MACD) or Relative Strength Index (RSI), Ethereum’s sharp upward move suggests that strong momentum will be a major contributor to its rise to a new ATH.

Sohaibfx has advised traders to watch out for RSI levels above 70, as overbought conditions could signal a potential pullback while Ethereum approaches higher levels.

Featured image from Adobe Stock, chart from Tradingview.com

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

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In a post on X this past weekend, Quinn Thompson, Chief Investment Officer (CIO) of Lekker Capital, declared that Ethereum (ETH) is “completely dead” as an investment. His comments sparked a flurry of responses from prominent figures in the crypto industry, including Nic Carter of Castle Island Ventures, Columbia Business School professor Omid Malekan, and VB Capital’s Scott Johnsson.

Thompson, who oversees investments at Lekker Capital, set off the debate with a post stating: “Make no mistake, ETH as an investment is completely dead. A $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues. There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not.”

He also shared a set of metrics to underscore Ethereum’s recent stagnation, including data on active addresses, transaction counts, and new address creation.

Is Ethereum ‘Dead’ As An Investment?

The provocative statement attracted immediate responses from prominent voices across the crypto ecosystem, triggering a debate over Ethereum’s economic and investment thesis, and specifically, the influence of Layer 2 (L2) scaling solutions on Ethereum’s native token economics.

Nic Carter, partner at Castle Island Ventures and co-founder of blockchain analytics firm Coinmetrics, swiftly responded, pinpointing Ethereum’s valuation dilemma squarely at the feet of its Layer 2 scaling implementations:“The #1 cause of this is greedy eth L2s siphoning value from the L1 and the social consensus that excess token creation was A-OK. Eth was buried in an avalanche of its own tokens. Died by its own hand.”

Thompson reinforced Carter’s criticism by suggesting that Ethereum’s community consensus had inadvertently favored token proliferation as a wealth-generation mechanism, ultimately undermining ETH’s investment narrative: “The social consensus among .eth’s in favor of excess tokens was because the creation of endless L2s, staking, restaking, DA, etc etc all enriched their pockets on the way up but no one wants to face the music now that the market is saying that was a mistake.”

However, this viewpoint was contested by Omid Malekan, professor at Columbia Business School and specialist in cryptocurrency and blockchain technology since 2019. Malekan underscored Layer 2s’ critical role in blockchain scalability and argued that any value-extraction by these secondary layers was not inherently detrimental to Ethereum’s foundational token economics: “L2s are the only viable way to scale any blockchain. Whether their tokens capture value or not is a separate question. But it can’t be that L2s ‘siphoned value from ETH’ yet didn’t capture value themselves. Security is not free.”

Malekan further challenged Thompson’s claim by questioning whether Ethereum could realistically become the first example in history of a widely adopted technological network whose utility failed to generate any meaningful financial return: “Is Ethereum going to be the first network ‘with utility’ in modern history where the network effects aren’t monetized? Can you provide any other examples of this happening?”

In response, Thompson clarified his argument, highlighting that monetization is indeed occurring within the Ethereum ecosystem, but not sufficiently accruing to ETH itself to validate the cryptocurrency’s current market capitalization. He illustrated this point with an analogy: “There’s tons of network effects being monetized all over the place, just not enough to ETH to justify its current valuation. Do all the network effects of the oil network and usage of oil accrue to oil?”

However, the oil analogy drew skepticism from Scott Johnsson, General Partner at VB Capital, who critiqued Thompson’s comparison due to Ethereum’s unique tokenomics, particularly its deflationary token burning mechanics influenced directly by network usage:

“I don’t disagree with your directional call, but I think this analogy falls flat. ETH ‘production’ is inversely correlated with usage, which is certainly not the case with oil. So as oil price increases, there is a demand response and a supply response. With ETH, it’s limited to the demand response. If ETH consumption looks like barrel consumption, then the price of ETH is far more likely to accrue value.”

Yet Thompson continued to disagree with Johnsson’s assessment, arguing that historical patterns do not necessarily support the claim of inverse correlation between Ethereum production and usage: “I disagree. We’ve never seen a sustained period of time where ‘ETH production is inversely correlated with usage.’ Obviously, the ‘production’ mechanics differ from oil, but similarly high ETH price is prohibitive to demand, hence L2s and cheaper alternative L1s.”

Acknowledging a possible misunderstanding, Johnsson clarified he was not predicting future Ethereum usage scenarios, emphasizing instead the theoretically inverse relationship between token burn and transaction volume under the current Ethereum network design: “I think we’re talking past each other a bit. I don’t think it’s arguable that if ETH usage increases that it leads to more burn and less inflation (production). I’m specifically not making future predictions on that usage. In any event, your ultimate point is fine imo because the demand side is so sensitive to really any cost.”

At press time, ETH traded at $1,793.

Featured image created with DALL.E, chart from TradingView.com

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