NAIROBI (CoinChapter.com)— Ethereum (ETH) has caught the market’s attention with a significant breakout from a triangle pattern on its weekly chart, sparking optimism for a potential bull run into 2024 and 2025. Analysts, including Captain Faibik, believe that Ethereum’s midterm target could reach $10,000.
The breakout on the weekly chart is seen as the start of a bullish momentum by Captain Faibik, a pseudonymous crypto analyst. He emphasized that this breakout signals the beginning of an extended bull market, with Ethereum expected to achieve substantial gains in the coming years. Faibik has set a midterm target of $10,000, driven by the anticipation of sustained momentum and minimal resistance on the path to new highs.
Ethereum has already demonstrated strong performance by surpassing the $4,000 level for the first time in nine months. This breakout aligns with a broader rally in the crypto market, supported by increasing institutional interest and inflows into ETFs.
ETF inflows and structural changes in the market are contributing to the optimism surrounding Ethereum. According to CoinMarketCap data, ETH’s price has surged by 7.36% over the past week and 39.31% in the last 30 days. Analysts attribute these gains to the structural changes in the market, such as increased inflows into exchange-traded funds (ETFs) and an improved market sentiment.
Pseudonymous trader Pentoshi highlighted Ethereum’s highest weekly close of the year, indicating minimal resistance on its path to surpassing its previous peak of $4,878, achieved in November 2021.
Pentoshi and Poseidon echoed these sentiments, pointing to Ethereum’s structural breakout from a four-year range. Poseidon described the potential gains as surpassing market expectations.
Ryan Adams, the host of the Bankless podcast, claimed that Ethereum could reach a new all-time high within a week if it maintains its current momentum.
The recent price action reflects strong on-chain activity and renewed investor confidence. Data from CryptoQuant shows a 36.26% increase in active Ethereum addresses since early November, indicating growing market interest.
Ethereum’s breakout also coincides with improved market sentiment towards crypto ETFs. Analysts believe that consistent inflows into ETFs could drive long-term price appreciation.
Sondergaard noted that ETF inflows, once considered weak, are now gaining momentum, strengthening investor confidence. However, he advised caution, pointing out that Ethereum’s position would be solidified by continued strength against Bitcoin on the ETH/BTC chart.
With Ethereum achieving its highest weekly close of the year, many traders anticipate minimal resistance as it approaches its previous all-time high of $4,878, set in November 2021.
As Ethereum continues to gain momentum, traders and investors are closely monitoring its ability to sustain these gains. While the $10,000 midterm target may seem ambitious, the token’s recent performance and market dynamics indicate that further upside potential is possible.