The Ethereum price has once again surged above the $4,000 price level, sparking excitement among crypto investors who are eagerly anticipating the onset of an altcoin season. This latest price rally comes on the heels of a significant increase in Ethereum Spot ETF inflows, which reached a record $428 million on December 5. Investors are eagerly awaiting crypto-positive regulatory changes under the incoming Trump administration.
Breaking Out of a Triangular Pattern
Recent price action has seen Ethereum break out of a massive triangle on the weekly timeframe chart, signaling a potential price rally. The triangular pattern has been in play since Ethereum’s previous all-time high of $4,878 in November 2021, characterized by a series of lower highs and higher lows. However, the recent breakout to the upper end of the triangle suggests that Ethereum’s long-anticipated bull run for 2024-2025 has officially begun.
According to technical analysis shared by crypto analyst Captain Faibik on social media platform X, Ethereum’s price target is set at $10,000, which would represent a new all-time high for the cryptocurrency.
On-Chain Data Supports Bullish Outlook
On-chain data for Ethereum reveals a significant increase in large transactions, with the volume of transactions worth $100,000 or more surging by over 300% in the past week. Institutional investors and high-net-worth individuals are increasingly participating in Ethereum transactions, bolstering the cryptocurrency’s price outlook.
Additionally, Ethereum’s profitability metrics indicate favorable conditions for further growth. Analysts suggest that Ethereum has minimal resistance levels ahead, with the $3,560 demand zone serving as a strong support level. The path for Ethereum seems to be firmly tilted towards bullish momentum.
As of the latest update, Ethereum is trading at $4,010, reflecting an 8% increase in the past 24 hours.
Featured image from Medium, chart from TradingView