Ethereum Price Hits Record High, Analyst Eyes $7,000 Target
The Ethereum price surged over 14% on August 22 following a dovish speech by US Federal Reserve Chair Jerome Powell. Data from CoinGecko show ETH reclaimed and surpassed its previous all-time high of $4,878 set in 2021. Alphractal CEO Joao Wedson predicts that if the Ethereum price holds above its record peak, algorithmic trading could cluster ETH around $7,000–$7,500, marking a reaccumulation phase driven by market makers. This cycle shift aligns with patterns in Bitcoin’s market dominance, where ETH typically absorbs capital inflows after BTC consolidates for about 28 days. As of this writing, ETH trades near $4,716, up nearly 9% in 24 hours and over 11% for the week. Traders should watch key levels and on-chain signals for signs of the next major rally.
Bullish
Ethereum’s record-high breakout following a Fed speech signals strong bullish momentum. The analyst’s $7,000–$7,500 target is backed by algorithmic trading patterns and historical cycle shifts tied to Bitcoin’s consolidation phases. Similar past rallies saw ETH outperform as market makers absorbed liquidity before major capital inflows. In the short term, traders may see minor pullbacks near new highs, but the reaccumulation setup points to sustained upward pressure. Long-term prospects remain positive if ETH maintains above its previous ATH, attracting further institutional and algorithm-driven demand.