Recent price action has seen the price of Ethereum break above the $4,000 price level to add excitement among crypto investors, especially those who have been waiting. The start of an altcoin season. This price follows a rally Unprecedented increase in Ethereum Spot ETF flows, which hit a record high of $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 movement has seen the Ethereum price play an interesting motion on its price chart. In particular, Ethereum has broken above a large triangle on the weekly time-frame chart, which points to an upcoming price rally.
$10,000 target as bull run gathers steam
Accordingly Technical analysis Posted by crypto analyst Captain Fabik on social media platform X, the recent Ethereum price rally has seen the cryptocurrency break out of an uptrend in a triangle formation. This breakout is particularly significant, as it is out of a trio of formations that have been playing for three years.
As shown by the ETHUSDT weekly timeframe chart below, the triangle pattern has been in place since Ethereum price reached its current all-time high of $4,878 in November 2021. This pattern has been highlighted by a series of lower highs and higher lows, which has seen the Ethereum price trade in an increasingly tight range.
However, in light of the recent breakout to the upper end, Captain Fabik declared that Ethereum’s long-anticipated 2024-2025 bull run “has officially begun.” As a price targetThe analyst highlighted a run towards $10,000, which would see Ethereum price break to new all-time highs.
On-chain data points to a new all-time high
The acceleration for Ethereum is supported by strong on-chain metrics, particularly a significant increase in large transactions. Accordingly Data from IntoTheBlockTransaction volume of $100,000 or more increased more than 300% in the past week, reaching $86.15 billion in the past seven days and $17.15 billion in the past 24 hours.
This increase in high-value transactions reflects the increasing participation of institutional investors and high-net-worth individuals, boosting Ethereum’s price outlook to $10,000.
Additionally, Ethereum’s profitability metrics highlight favorable conditions for further growth. As crypto analyst Ali Martinez pointed out There is nothing stopping the price of Ethereum from reaching new all-time highs. As it stands, the only minor resistance level ahead is at $4,540. Of course, with the $3,560 demand zone acting as a strong support level, Ethereum’s trajectory looks strongly tilted towards 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 images from Medium, charts from TradingView
