Ethereum Price Breaks All-Time High — Analyst Sets $7,000 As Next Target

The cryptocurrency market roared back to life on Friday, August 22, after a positive speech from US Federal Reserve Chairman Jerome Powell, with the Ethereum price leading the top 10 largest assets in terms of performance. According to data from CoinGecko, the price of ETH increased by more than 14% on the day. 

After its initial struggles during the week, the Ethereum price finished by reclaiming and surpassing its former all-time high of $4,878, reached as far back as 2021. Interestingly, a prominent crypto founder has put forward an audacious prediction for the price of Ethereum over the next few months if it breaks its record high.

In an August 22 post on social media platform X, Alphractal CEO and founder Joao Wedson shared an exciting prognosis for the Ethereum price in the coming months. According to the crypto expert, the second-largest cryptocurrency may be entering another fear-driven scenario before the start of a new re-accumulation phase if it doesn’t cross the former record high.

Wedson revealed the possibility of algorithmic trading activity clustering around the $7,000 – $7,500 range, further strengthening the case for a reaccumulation stage. This pattern can be associated with cycle shifts where market makers absorb liquidity, suppress volatility, and set themselves up for the next round of major capital inflows.

The Alphractal founder highlighted that the Ethereum price movements have coincided with the cyclical pattern of Bitcoin’s market dominance. As shown in previous fractal cycles, the price of ETH tends to absorb a significant share of Bitcoin’s capital flow, typically after 28 days of BTC price consolidation.

Wedson revealed that the current market data suggests this pattern may be playing out again, increasing the chances of Ethereum price embarking on an extended rally over the next few months. It is worth noting that the price of ETH has reached a new all-time high, implying that the altcoin may not even witness the initial downside volatility before entering a new growth phase.

The crypto expert, however, urged investors to do their due diligence, as the market data only looks at the typical behavior of Market Makers during cycle transitions.

As of this writing, the price of ETH sits at around $4,716, reflecting an almost 9% increase in the past 24 hours. According to CoinGecko data, the altcoin is up by more than 11% in the last seven days.