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The recent price action saw the price of Ethereum rise above the $4,000 price level once again to spark euphoria among cryptocurrency investors, especially those waiting… The beginning of the altcoin season. This price rise comes after… An unprecedented surge in Ethereum Spot ETF inflows, Which reached a record $428 million on December 5, as investors continue to anticipate positive regulatory changes for cryptocurrencies under the incoming Trump administration.
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Interestingly, this bullish momentum has seen Ethereum price making an interesting movement on the price chart. In particular, Ethereum broke above a huge triangle on the weekly time frame chart, indicating an upcoming price rise.
A $10,000 goal is on the horizon as Bull Run gains strength
according to Technical analysis Posted on social media platform This breakout is of particular interest, as it breaks out of a triangle formation that has been in place for three years.
As shown in the ETHUSDT weekly time frame chart below, the triple pattern has been in play since Ethereum price reached an all-time high of $4,878 in November 2021. This pattern has been highlighted by a series of lower highs and higher lows, which saw the Ethereum price trading in an increasingly narrow range.
However, in light of the recent breakout to the upper limit, Captain Vibeke announced that Ethereum’s expected 2024-2025 rally has “officially begun.” In terms of target pricethe analyst highlighted the trend towards the $10,000 level, which would see the price of Ethereum rise to all-time highs.
On-chain data points to a new all-time high
Ethereum’s bullish momentum is supported by strong on-chain metrics, especially a notable rise in large transactions. according to Data from IntoTheBlockthe volume of transactions worth $100,000 or more rose more than 300% in the past week, reaching a cumulative $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, boosting Ethereum price expectations to $10,000.
Additionally, Ethereum’s profitability metrics highlight favorable conditions for further growth. As a cryptocurrency analyst, Ali Martinez He pointed out, There is nothing stopping the price of Ethereum from reaching all-time highs. Currently, the only minor resistance level ahead is at $4,540. Regardless, with the $3,560 demand zone serving as a strong support level, Ethereum’s trajectory appears to be strongly skewed towards the bulls.
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At the time of writing, Ethereum is trading at $4,010, up 8% over the past 24 hours.
Featured image from Medium, chart from TradingView