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Ethereum Price Breaks Above Massive Triangle – Next Target: $10,000

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Recent price action has seen the Ethereum price breaking above the $4,000 price level again to drive euphoria among crypto investors, especially those awaiting the onset of an altcoin season. This price rally follows an 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.

Interestingly, this bullish momentum has seen the Ethereum price play out an interesting motion on its price chart. Particularly, Ethereum has broken above a massive triangle on the weekly timeframe chart, which points to an incoming price rally.

$10,000 Target In Sight As Bull Run Builds Up Steam

According to technical analysis posted on social media platform X by crypto analyst Captain Faibik, the recent Ethereum price rally has seen the cryptocurrency breaking out of the upper trendline of a triangle formation. This breakout is particularly significant, as it is out of a triangular formation that has been in play for three years. 

As shown by the ETHUSDT weekly timeframe chart below, the triangular pattern has been in play since the 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 have seen the Ethereum price trading in an increasingly tightening range. 

However, in light of the recent breakout to the upper end, Captain Faibik declared that Ethereum’s long-anticipated 2024-2025 bull run has “officially started.” In terms of a price target, the analyst highlighted a run towards $10,000, which would see the Ethereum price breaking into new all-time highs.

On-Chain Data Points To New All-Time High

The bullish momentum for Ethereum is supported by strong on-chain metrics, particularly a notable rise in large transactions. According to data from IntoTheBlock, the volume of transactions worth $100,000 or more has increased by over 300% in the past week, reaching a cummulative $86.15 billion in the past seven days and $17.15 billion in the last 24 hours.

This surge in high-value transactions indicates growing participation from institutional investors and high-net-worth individuals, further bolstering 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 preventing the Ethereum price 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 acting as a strong support level, Ethereum’s trajectory appears firmly tilted toward the bulls.

At the time of writing, Ethereum is trading at $4,010, up by 8% in the past 24 hours. 

Featured image from Medium, chart from TradingView

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