NAIROBI (CoinChapter.com) - Ethereum (ETH) has caught the market’s attention with a sharp triangle breakout on its weekly chart, sparking optimism for a potential bull run in 2024 and 2025. Analysts including Captain Faibik believe that Ethereum could reach $10,000 in the medium term.
Weekly breakout signals start of bullish momentum
A crypto analyst who goes by the pseudonym Faibik noted that a clear bullish pattern has emerged on Ethereum’s weekly chart. He claimed that the breakout marks the beginning of a sustained bull run, with Ethereum poised to see significant gains in the coming years. Faibik set a mid-term target of $10,000, expecting it to maintain momentum and encounter less resistance on its way to new highs.
Ethereum’s price has shown strong momentum, breaking through the $4,000 level for the first time in nine months. The breakout coincides with a sharp rise across the crypto market, supported by increasing institutional investment interest and ETF inflows.
ETF inflows and structural changes drive optimism
According to CoinMarketCap, Ethereum’s price has risen 7.36% over the past week and 39.31% over the past 30 days. Analysts attribute these gains to structural changes in the market, including increased exchange-traded fund (ETF) inflows and improved market sentiment.
The trader, who goes by the pseudonym Pentoshi, highlighted Ethereum’s highest weekly close of the year, suggesting less resistance from its previous high of $4,878, which was achieved in November 2021.
Pentoshi and Poseidon also agreed, noting that Ethereum broke out of a four-year range and the potential gains exceeded market expectations.
Bankless podcast host Ryan Adams claims that if Ethereum maintains its current momentum, it could hit a new all-time high within a week.
On-chain activity and market sentiment boost Ethereum’s prospects
Recent price action reflects strong on-chain activity and renewed investor confidence. CryptoQuant data shows that Ethereum active addresses have grown 36.26% since the beginning of November, indicating a gradual increase in market interest.
Ethereum’s breakout also coincides with improved market sentiment regarding crypto ETFs, with analysts suggesting that continued ETF inflows could catalyze long-term price gains.
Sondergaard noted that ETF inflows, once considered weak, are now gaining momentum, reinforcing investor confidence. However, he urged caution, noting that Ethereum’s continued strength against Bitcoin on the ETH/BTC chart will solidify Ethereum’s position.
With Ethereum achieving its highest weekly close of the year, many traders expect minor resistance as it approaches its previous all-time high of $4,878, which was set in November 2021.
As Ethereum continues to gain momentum, traders and investors continue to focus on its ability to maintain these gains. While the mid-term target of $10,000 may seem ambitious, the coin’s recent performance and market dynamics suggest that further gains are possible.