Ethereum Long-Term Points to Breakout Toward the $8,500

Key Insights:

• Ethereum forms a bullish pennant, with analysts forecasting a breakout reaching $8,500 by 2026.
• Early Ethereum ICO investor moves $6M to Kraken after holding funds for eight years.
• BlackRock reportedly buys $76.4M in Ethereum, signaling strong institutional confidence in ETH’s future.

Ethereum is gaining attention from analysts, institutions, and long-term holders as market data points to a potential breakout. Recent chart analysis, whale movements, and institutional activity suggest strong positioning around the $4,000 mark, with forecasts setting targets as high as $8,500.

Long-Term Chart Shows Bullish Pennant Pattern

According to Merlijn The Trader, the technical chart indicates that Ethereum’s monthly price action is forming a bullish pennant pattern. This structure, often seen before a breakout move, has been forming since it peaked in 2021.

The price has been trading within narrowing trendlines, with higher lows near $1,500 and lower highs near $4,000. Merlijn stated that this pattern is “textbook” and not based on speculation, but on technical accuracy. The chart projects a breakout by 2026, potentially reaching $8,500.

Ethereum is currently trading at $4,026.94, with a 24-hour volume of $37.4 billion. The price has dropped by 2.33% in the past 24 hours, but trading activity remains high, with both technical analysis and on-chain data supporting a long-term move toward $8,500. Market analysts are closely monitoring its behavior near the $4,000 zone.

BlackRock Buys Ethereum as Early ICO Investor Moves $6M

However, Onchain Lens reported that an ICO participant deposited 1,500 ETH to Kraken, valued at approximately $6.02 million. This is the first recorded exchange activity from the address since the 2015 ICO.

According to Nansen.ai, the wallet had received 20,000 ETH for $6,220, which is now worth over $80 million. The recent movement may indicate selling or rebalancing, as the investor has held the funds for over eight years without any prior exchange activity.

Meanwhile, BlackRock has purchased $76.4 million worth of Ethereum. The analyst stated that this move indicates strong institutional interest and believes it could soon reach $6,000. Although there is no on-chain confirmation, the size of the purchase suggests major financial involvement. While short-term moves remain uncertain, long-term signals from chart patterns, whale activity, and potential institutional purchases are being closely monitored.