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The recent price action has seen ethereum price break above the $4,000 price level again to generate euphoria among cryptocurrency investors, especially those awaiting the start of an altcoin season. This price rally follows a unprecedented surge in ethereum spot ETF inflows, which hit a record $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 momentum has caused ethereum price to show an interesting movement on its price chart. Notably, ethereum has broken out of a massive triangle on the weekly time chart, pointing to an incoming price rally.
$10,000 Target in Sight as Bull Run Gains Strength
According<a target="_blank" href="https://x.com/CryptoFaibik/status/1865392615530680323″ target=”_blank” rel=”nofollow”> technical analysis Posted on social media platform This breakout is particularly significant as it comes from a triangular formation that has been in play for three years.
As shown on the ETHUSDT weekly time chart below, the triangle pattern has been in play since ethereum price reached its current all-time high of $4,878 in November 2021. This pattern has been highlighted by a series of highs and lower lows, which we have seen ethereum price trading in an increasingly tight range.
However, in light of the recent breakout towards the top end, Captain Faibik stated that the long-awaited ethereum bull run for 2024-2025 has “officially begun.” In terms of target priceThe analyst highlighted a run towards $10,000, which would see ethereum price hit new all-time highs.
On-chain data points to new all-time high
ethereum's bullish momentum is supported by strong on-chain indicators, particularly a notable increase in large transactions. According<a target="_blank" href="https://app.intotheblock.com/coin/eth” target=”_blank” rel=”nofollow”> IntoTheBlock dataThe volume of transactions worth $100,000 or more has increased more than 300% in the last week, reaching a cumulative $86.15 billion in the last seven days and $17.15 billion in the last 24 hours.
This increase in high-value transactions indicates growing participation from institutional investors and high-net-worth individuals, further bolstering ethereum's price outlook at $10,000.
Furthermore, ethereum's profitability metrics highlight favorable conditions for further growth. As a crypto analyst Ali Martinez<a target="_blank" href="https://x.com/ali_charts/status/1865393826925584769″ target=”_blank” rel=”nofollow”> pointed out, There is nothing stopping the price of ethereum from reaching new all-time highs. As things stand, the only minor resistance level ahead is at $4,540. Regardless, with the $3,560 demand zone acting as a strong support level, ethereum's trajectory appears firmly 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 image from Medium, chart from TradingView
