Ethereum price set for $8k breakout, top Bitget analyst predicts

Ethereum price has fallen over the past three days, moving from last week’s high of $4,772 to $4,500. Still, one top Bitget analyst sees ETH rising to between $5,800 and $8,000 this year.

Bitget analyst delivers bold Ethereum price forecast

Ryan Lee, Bitget’s Chief Analyst, believes that Ethereum (ETH) has more upside and that it could jump to a high of $8,000. He cited the coin’s appeal among American investors, as evidenced by the recent ETF inflows, its network expansion, macro tailwinds, and upcoming upgrades. 

SoSoValue data shows that spot Ethereum ETFs added over $405 million in inflows on Friday after adding $330 million in the previous three days. These funds have recorded cumulative inflows of $13.38 billion since their approvals in 2024, with BlackRock’s ETHA holding over $17.25 billion in assets.

The Ethereum network has also had substantial growth in the past few months, with over $208 billion in total value locked and $508 billion in bridged TVL. Its stablecoin market cap has jumped to over $157 billion.

Meanwhile, Ethereum price will benefit from the Fusaka upgrade, which will happen in November. This upgrade will boost scalability, especially for rollups and layer-2s, make it easier to run nodes, and improve security. The Fusaka upgrade comes after the network implemented the Pectra update.

The main macro catalyst that may drive Ethereum price higher is the upcoming Federal Reserve interest rate cuts. Lee said:

“The Federal Reserve’s expected 25-basis-point cut at its September 17 meeting would reduce borrowing costs and boost liquidity, providing a tailwind for risk assets. Under this scenario, Bitcoin could climb toward $150,000–$200,000 by year-end, while Ethereum may advance to the $5,800–$8,000 range on the back of ETF rotations and network expansion.”

ETH price technical analysis

Ethereum price chart | Source: crypto.news

The weekly timeframe chart shows that the ETH price bottomed at $1,396 in April. It recently moved above the important resistance at $4,115, the high from March and November of last year.

The coin has remained above the 50-week Exponential Moving Average. It moved above the weak stop and reverse point of the Murrey Math Lines at $4,375. It has also formed a bullish pennant pattern.

Therefore, the most likely scenario is that the coin rises and hits the extreme overshoot point at $6,250, which is about 41% above the current level.