In recent developments, Ethereum’s price has once again surged past the critical $4,000 mark, sparking excitement among crypto investors. This rally comes on the back of an unprecedented boost in Ethereum Spot ETF inflows, recording a remarkable $428 million on December 5. Such inflows reflect positive investor sentiment, fueled by anticipated regulatory changes favorable to cryptocurrency under the upcoming Trump administration.
The Technical Breakout: Ethereum’s Path to a Bull Run
Ethereum’s price chart has recently displayed intriguing patterns, notably breaking out of a substantial triangle on the weekly timeframe. This technical breakout suggests a potential rally ahead, as Ethereum moves beyond a triangular formation that has constrained it for three years. The cryptocurrency’s price action is now poised for significant upward momentum.
Targeting $10,000: Ethereum’s Bull Run Gains Momentum
According to technical analysis shared by crypto analyst Captain Faibik on social media platform X, Ethereum has broken past the upper trendline of the longstanding triangle formation. This pattern, evident since Ethereum’s all-time high of $4,878 in November 2021, consists of lower highs and higher lows, resulting in a tightening price range. The recent breakout signals the onset of Ethereum’s much-anticipated 2024-2025 bull run, with a price target set at $10,000, potentially reaching new all-time highs.
On-Chain Data Signals a New All-Time High
The bullish sentiment for Ethereum is further reinforced by robust on-chain metrics. Notably, there has been a substantial increase in large transactions, with data from IntoTheBlock revealing a 300% surge in transactions worth $100,000 or more over the past week. This uptick, amounting to a cumulative $86.15 billion in the last seven days and $17.15 billion in the past 24 hours, highlights growing involvement from institutional investors and high-net-worth individuals.
Such high-value transactions underscore Ethereum’s promising price outlook, potentially reaching $10,000. Additionally, Ethereum’s profitability metrics indicate favorable conditions for continued growth. Crypto analyst Ali Martinez has observed that minimal resistance is present, with the next minor resistance level at $4,540. Meanwhile, the $3,560 demand zone provides strong support, positioning Ethereum on a bullish trajectory.
Current Market Status
As of now, Ethereum is trading at $4,010, marking an 8% increase in the past 24 hours. This upward trend reflects the growing confidence in Ethereum’s potential to achieve new milestones in the coming months.
Conclusion
The recent surge in Ethereum’s price and the accompanying technical and on-chain indicators paint a promising picture for the cryptocurrency. As the market anticipates regulatory shifts and increased institutional participation, Ethereum’s path to new all-time highs seems well within reach. Investors and enthusiasts alike are eagerly watching as Ethereum navigates this exciting phase, potentially heralding a new altcoin season.
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