Ethereum (ETH) Price: Technical Patterns Point to $8,500-$22,000 Range After Recent Pullback

TLDR

• Ethereum’s staking entry queue reached its highest level since September 2023, with 860,369 ETH ($3.7 billion) waiting to be staked
• Whale activity shows purchases of approximately 260,000 ETH in a 24-hour period
• ETH is trading at around $4,321-$4,381 after retreating 12.4% from its August 24 all-time high
• Institutional interest in staking has increased, showing growing confidence in Ethereum’s long-term value
• Technical analysts project potential upside targets ranging from $8,500 to $22,000 based on breakout patterns

Ethereum is experiencing a surge in staking interest as institutional investors and crypto treasury firms look to earn rewards on their holdings. The Ethereum staking entry queue has reached its highest point since September 2023, with on-chain data showing 860,369 ETH worth approximately $3.7 billion waiting to be staked.

This level of staking queue hasn’t been seen since 2023 when the Shanghai upgrade enabled withdrawals. The growth in validator queue stems from several factors, including increased network confidence.

More people and institutions are showing trust in Ethereum’s long-term value and want to participate in securing the network. Current market conditions are also favorable as rising Ether prices and historically low gas fees make staking more attractive and accessible for users.

Institutional interest has grown considerably. More companies and funds are entering Ethereum staking, bringing larger amounts of capital into the ecosystem.

The surge in the staking entry queue helps alleviate recent concerns about a potential sell-off. Earlier fears emerged when the staking exit queue hit an all-time high of just over 1 million ETH on August 29.

Since then, the exit queue has dropped 20%, indicating a slowdown in unstaking activities. The staking entry and exit queues almost reached parity for the first time since July.

Whale Activity Signals Market Interest

Recent whale movements have caught market attention. According to crypto analyst Ali Martinez, whales purchased around 260,000 ETH in the past 24 hours. These large-scale purchases suggest rising demand from major investors.

Currently, Ethereum is trading at approximately $4,321-$4,381, representing a 12.4% decline from its all-time high on August 24. This pullback appears to be driven by profit-taking from retail traders.

Despite the recent price dip, Ethereum’s technical indicators show mixed signals. The Relative Strength Index (RSI) stands at 52.69, with the signal line at 56.81, positioning ETH in a neutral zone where neither intense buying nor selling pressure dominates.

The MACD indicator shows some bearish momentum with the blue line at 153.55 and the orange signal line higher at 205.51. The negative histogram at -51.95 suggests fading momentum, though the narrowing gap could indicate a potential reversal if buying volume increases.

Technical Analysis Points to Potential Breakout

Technical analysts are projecting ambitious upside targets for Ethereum. According to analyst EGRAG CRYPTO, ETH could reach $8,500, $15,250, or even $22,000 if it breaks out from an ascending triangle formation.

The analyst outlines Fibonacci-based cycle targets that could validate these projected price movements. These technical patterns form a “confluence factor” that supports the potential for major upward price action.

Logarithmic analysis points to a potential $22,000 price target, while non-logarithmic calculations suggest $8,500. Averaging these levels gives a mid-range target of $15,250.

Blockchain data shows that 35.7 million ETH is currently staked, worth approximately $162 billion and representing 31% of the total supply. Corporate treasury funds continue to grow, with a total of 4.7 million ETH (almost 4% of the entire supply) worth around $20.4 billion already purchased by more than 70 participants.

The majority of these entities have staked or plan to stake the asset for additional yields, which has contributed to the growing entry queue in recent weeks.

Ethereum’s next price movements are being closely monitored due to these whale activities and technical indicators pointing to a potential rally that could influence broader market trends in the coming weeks.

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