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

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As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent Ethereum price action has me feeling like a kid in a candy store. The break above the $4,000 price level and the subsequent surge in ETF inflows have certainly fueled my excitement for an altcoin season.

Lately, the Ethereum price has surged past the $4,000 mark once more, causing excitement among cryptocurrency investors, particularly those hoping for an altcoin boom. This upward trend in price coincides with a remarkable increase in Ethereum Spot ETF investments, reaching a peak of $428 million on December 5th. Investors are optimistic about potential favorable crypto regulations under the new Trump administration.

It’s worth noting that the positive trend of Ethereum has resulted in some intriguing patterns on its price graph. Specifically, Ethereum has surpassed a large triangle on the weekly chart, suggesting a potential price surge is imminent.

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

As per the technical analysis shared on social media platform X by crypto expert Captain Faibik, the latest surge in Ethereum’s price has resulted in it bursting through the top boundary of a triangle pattern that has persisted for around three years. This breakout from the triangular formation is noteworthy.

According to the chart for ETH/USDT on a weekly basis displayed, it’s evident that an isosceles triangle formation has been unfolding since Ethereum hit its current record high of $4,878 in November 2021. This pattern is characterized by alternating lower peaks and higher troughs, resulting in Ethereum’s price moving within a progressively narrowing band.

As a crypto investor, I’m thrilled to share that Captain Faibik has announced the commencement of Ethereum’s long-awaited bull run for 2024-2025. This breakout to the upper end is a clear sign we’re off and running. The analyst predicts an impressive surge towards $10,000, potentially setting new all-time highs for Ethereum prices.

On-Chain Data Points To New All-Time High

The robust upward trend for Ethereum is reinforced by significant on-chain indicators, especially a substantial surge in large transactions. As reported by IntoTheBlock, the number of transactions valued at $100,000 and above has jumped more than 300% over the past week, accumulating to a total of $86.15 billion during this period and $17.15 billion within the last day.

The increase in large-scale financial transactions suggests a rise in involvement from institutional investors and wealthy individuals, which could potentially drive the value of Ethereum up towards $10,000.

Personally, I find the current state of Ethereum quite promising for future growth, given its profitability indicators. As crypto analyst Ali Martinez has noted, there seems to be no obstacle preventing Ethereum’s price from hitting new record highs. Currently, the only slight resistance level ahead is at $4,540. Nonetheless, with the $3,560 demand zone serving as a robust support level, it appears that Ethereum’s path is leaning significantly towards the bullish trend.

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

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2024-12-08 14:10