Recent price action has pushed the price of Ethereum back above the $4,000 price level, causing euphoria among crypto investors, especially those waiting for the start of an altcoin season. This price rally follows a unprecedented surge in Ethereum Spot ETF inflows, which reached a record $428 million on December 5, as investors continue to anticipate crypto-positive regulatory changes under the incoming Trump administration.
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Interestingly, this bullish momentum has caused the Ethereum price to show an interesting move on the price chart. Notably, Ethereum has broken above a huge triangle on the weekly timeframe chart, indicating a coming price rally.
$10,000 target in sight as Bull Run builds steam
According to technical analysis Posted on social media platform This breakout is particularly important because it comes from a triangular formation that has been in play for three years.
As shown in the weekly timeframe chart of ETHUSDT below, the triangular pattern has been in play since Ethereum price hit its current all-time high of $4,878 in November 2021. This pattern is highlighted by a series of lower highs and higher lows, which have seen Ethereum price trading in an increasingly tight range.
However, in light of the recent breakout to the upside, Captain Faibik stated that Ethereum’s long-awaited 2024-2025 bull run has “officially begun.” In terms of a price targetthe analyst highlighted a run towards $10,000, which would see the Ethereum price reach new all-time highs.
Data on the chain points to a new all-time high
The bullish momentum for Ethereum is supported by strong on-chain metrics, particularly a notable increase in the number of large transactions. According to data from IntoTheBlockthe volume of transactions worth $100,000 or more increased by more than 300% in the past week, reaching a cumulative amount of $86.15 billion in the past seven days and $17.15 billion in the past 24 hours.
This increase in high-value transactions indicates growing participation from institutional investors and high-net-worth individuals, further boosting Ethereum’s price outlook to $10,000.
Moreover, Ethereum’s profitability figures highlight favorable conditions for further growth. Like crypto analyst Ali Martinez noted, nothing is stopping the Ethereum price from reaching new all-time highs. As it stands now, the only minor resistance level ahead is $4,540. Regardless, with the $3,560 demand zone acting as a strong support level, Ethereum’s trajectory appears to be firmly tilted toward the bulls.
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At the time of writing, Ethereum is trading at $4,010, up 8% in the last 24 hours.
Featured image from Medium, chart from TradingView
