Recent price action has seen the price of Ethereum break above the $4,000 price level again to fuel excitement among crypto investors, especially those who expect the start of the altcoin season. This price rally follows the The lowest price of Ethereum Spot ETF shares which reached a record $428 million on December 5 as investors continue to anticipate positive crypto-regulatory changes under the incoming Trump administration.
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Interestingly, this bullish momentum has seen the price of Ethereum play interesting movements on its price chart. In particular, Ethereum has broken above the major triangle on the weekly time chart, indicating an incoming price rally.
$10,000 Target In Sight As Bull Run Builds Up Steam
In accordance with technical analysis posted on social media X by crypto analyst Captain Faibik, the recent Ethereum price rally saw the cryptocurrency break out of the upper line of the triangle formation. This breakout is very important, as it is outside of the triangle formation that has been playing out for three years.
As shown in the ETHUSDT weekly timeframe chart below, a triangle pattern has been in play since the price of Ethereum reached its current high of $4,878 in November 2021. This pattern was highlighted by a series of highs and lows, which saw the price of Ethereum trading in a very tight range. .
However, due to the recent explosion to the end, Captain Faibik announced that Ethereum’s long-awaited 2024-2025 bull run has “officially begun.” Depending on the target priceThe analyst highlighted a run to $10,000, which would see the price of Ethereum enter a new all-time high.
On-Chain Data Points To New-time High
Ethereum’s bullish momentum is supported by strong on-chain metrics, especially a significant increase in large transactions. In accordance with data from IntoTheBlockthe volume of transactions worth $100,000 or more increased more than 300% in the past week, reaching a total of $86.15 billion in the past seven days and $17.15 billion in the past 24 hours.
This increase in high-value transactions reflects increasing participation from institutional investors and high-net-worth individuals, further strengthening the outlook for Ethereum’s price at $10,000.
Additionally, Ethereum’s profitability metrics highlight favorable conditions for continued growth. Like crypto analyst Ali Martinez he revealed, 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. Regardless, with the $3,560 demand zone serving as a strong support level, Ethereum’s trajectory appears to be firmly tilted to 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 image from Medium, chart from TradingView
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