**Ethereum Set for Major Upside Move Amid Strong Institutional Buy-In and Upcoming Upgrades**
Technical analysis and market developments suggest Ethereum (ETH) is gearing up for a significant price rally. Elliott Wave analysis indicates that Ethereum has completed its corrective waves and may be entering the impulsive wave five—the final and often most aggressive leg of a price advance. This bullish pattern could propel ETH prices into the $7,000 to $8,000 range.
### Elliott Wave Analysis Points to Strong Upside Potential
Technical analyst Ash Crypto identified an Elliott Wave structure showing Ethereum has finished its C-wave correction between $3,550 and $4,000, where support has stabilized. Resistance levels lie around $4,750 to $5,000 and have been tested multiple times recently. A breakout above this resistance could confirm the five-wave impulsive pattern, signaling a potential strong upward move.
### BitMine Immersion Technologies Becomes Leading Corporate Ethereum Holder
Institutional interest in Ethereum continues to build, highlighted by BitMine Immersion Technologies’ aggressive accumulation of ETH. The company purchased a total of 379,271 ETH — roughly $1.5 billion — in three separate transactions since the recent market downturn. This brings BitMine’s total Ethereum holdings to approximately 3.03 million ETH, representing about 2.5% of Ethereum’s total supply and valued at over $12 billion.
BitMine began accumulating Ethereum in early July, when prices hovered around $2,500. The company’s chairman, Tom Lee, described these purchases as strategic investments rather than speculative moves.
### Tom Lee Maintains Bullish Price Targets
Tom Lee remains confident in Ethereum’s long-term prospects, maintaining a price target of $10,000 to $12,000 by the end of 2025. He cited several supporting factors including potential Federal Reserve rate cuts, expanding tokenized financial infrastructure, and Ethereum’s robust fundamentals. In discussions with ARK Invest CEO Cathie Wood, Lee suggested that Ethereum could surpass Bitcoin in influence, similar to the way Wall Street and equities overtook gold after 1971.
Despite his bullish stance, Lee acknowledged that the digital asset treasury bubble may have burst; many crypto treasury companies now trade below the net asset value of their holdings.
### Industry Leaders Continue to Endorse Ethereum’s Growth
Former BitMEX CEO Arthur Hayes also reiterated a strong bullish outlook on Ethereum. During an October Bankless podcast, Hayes affirmed his $10,000 price target and echoed views of Ethereum as a computational backbone for AI, DeFi, and tokenized settlement, comparing it to the rise of major tech firms like Nvidia and AWS. Hayes previously speculated that ETH could reach as high as $20,000 before this market cycle concludes.
### Fusaka Upgrade Expected to Boost Network Efficiency and Prices
Ethereum’s upcoming Fusaka upgrade, scheduled for December, aims to enhance transaction throughput and efficiency. Analysts predict that if the upgrade is successfully deployed, it could drive Ethereum’s price toward $7,000 to $9,300.
Meanwhile, ETF inflows and expanding institutional custodianship continue to broaden Ethereum’s market base. Despite mild outflows earlier this month, ETH has maintained its uptrend and solid support above key Fibonacci retracement levels.
### Market Sentiment and Price Outlook
Currently trading around $4,000, Ethereum would need to rally approximately 70% to reach the $7,000 mark projected by technical and fundamental analysts. Tom Lee told CNBC that investors are still recovering from a recent leverage flush and noted a sense of “gold envy” as the precious metal has performed strongly this year.
Lee also observed that leveraged long positions in cryptocurrency are near record lows, suggesting the market may be “at the basement and working our way back up.”
Overall, despite a recent 15% dip from the October 7 all-time high, Ethereum shows signs of resilience and strong institutional backing. BitMine’s rapid accumulation has already brought it halfway toward its goal of holding 5% of Ethereum’s total supply—an impressive feat achieved in just a few months.
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*Ethereum appears positioned for a significant move higher, supported by technical indicators, institutional demand, and forthcoming network upgrades. Traders and investors should watch key resistance levels closely as a breakout may herald the start of a new bullish phase.*
https://coincentral.com/ethereum-eth-price-elliott-wave-pattern-points-to-potential-8000-target/
