Ethereum Breaks Above Massive Triangle
The recent price action has taken Ethereum price above the $4,000 price level once again, which has excited cryptocurrency investors, especially those waiting for Ethereum price to rise. The beginning of altcoin season. This price increase is in Ethereum spot ETF has seen an unprecedented surge in capital inflows, The volume hit a record $428 million on December 5 as investors continue to anticipate positive cryptocurrency regulatory changes from the incoming Trump administration.
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Interestingly, this bullish momentum has caused Ethereum price to exhibit interesting movements on its price chart. In particular, Ethereum broke out of a giant triangle on the weekly time frame chart, which indicates that the price is about to rise.
Bull Run has strong momentum, $10,000 target in sight
according to technical analysis Cryptocurrency analyst Captain Faibik posted on social media platform This breakout is particularly important because it came out of a three-year-old triangle pattern.
As the ETHUSDT weekly timeframe chart below shows, a triangle pattern has been in play since Ethereum price reached its current all-time high of $4,878 in November 2021. A series of lower highs and higher lows highlights this pattern. Ethereum price trading range is increasingly tightening.
However, given the recent break above, Captain Faibik declared that Ethereum’s long-awaited 2024-2025 bull run has “officially begun.” From the perspective of price targetAnalysts highlighted that Ethereum price will rise to $10,000, which will take Ethereum price to new all-time highs.
On-chain data hits record high
Ethereum’s bullish momentum is supported by strong on-chain indicators, especially a significant increase in large-value transactions. according to Data from IntoTheBlockTransaction volume of $100,000 and above has increased by more than 300% in the past week, reaching a total of $86.15 billion in the past seven days and a total of $17.15 billion in the last 24 hours.
The surge in high-value transactions indicates increasing participation from institutional investors and high-net-worth individuals, further supporting Ethereum’s price outlook towards $10,000.
Additionally, Ethereum’s profitability metrics highlight favorable conditions for further growth. As crypto analyst Ali Martinez pointed out that There is nothing stopping Ethereum price from reaching new all-time highs. For now, the only minor resistance going forward is $4,540. Regardless, Ethereum’s trajectory seems firmly tilted towards the bulls as the $3,560 demand area serves as strong support.
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As of this writing, Ethereum is trading at $4,010, up 8% in the past 24 hours.
Featured images from Medium, charts from TradingView
