Ethereum Price Surges Above $4,000 Amidst Bullish Momentum
The recent surge in the price of Ethereum has once again broken above the $4,000 level, sparking excitement among crypto investors eagerly anticipating the onset of an altcoin season. This price rally comes on the heels of an unprecedented influx of $428 million into Ethereum Spot ETFs on December 5, as investors eagerly await positive regulatory changes in the cryptocurrency space under the incoming Trump administration.
Breaking Out of a Massive Triangle Formation
The bullish momentum in Ethereum has led to an intriguing development on its price chart. Ethereum has broken out of a significant triangle pattern on the weekly timeframe chart, signaling a potential uptrend in prices.
$10,000 Target In Sight
Technical analysis shared on social media platform X by crypto analyst Captain Faibik reveals that Ethereum’s recent price rally has propelled the cryptocurrency above the upper trendline of a three-year triangle formation. This breakout is particularly noteworthy as it marks a significant move out of a pattern that has constrained Ethereum’s price movement since reaching its current all-time high of $4,878 in November 2021.
Captain Faibik predicts that Ethereum’s long-awaited bull run for 2024-2025 has officially begun, with a price target set at $10,000, potentially leading to new all-time highs for the cryptocurrency.
On-Chain Data Supports Bullish Outlook
On-chain metrics for Ethereum show a surge in large transactions, particularly those exceeding $100,000. Data from IntoTheBlock indicates a more than 300% increase in these high-value transactions in the past week, totaling $86.15 billion over the past seven days and $17.15 billion in the last 24 hours.
This uptick in high-value transactions suggests growing participation from institutional investors and high-net-worth individuals, further strengthening Ethereum’s path towards $10,000.
Continued Price Growth Expected
Crypto analyst Ali Martinez highlights Ethereum’s profitability metrics, indicating favorable conditions for further growth. With minor resistance levels ahead, notably at $4,540, and strong support at the $3,560 demand zone, Ethereum’s trajectory appears firmly bullish with new all-time highs on the horizon.
As of the latest update, Ethereum is trading at $4,010, marking an 8% increase in the past 24 hours.
Featured image from Medium, chart from TradingView