NAIROBI (CoinChapter.com)— Ethereum (ETH) has captured market attention with a massive triangle breakout on its weekly chart, sparking optimism for a potential bull run into 2024 and 2025. Analysts, including Captain Faibik, suggest that Ethereum’s midterm target could reach $10,000.
Weekly Breakout Marks Start of Bullish Momentum
Captain Faibik, a pseudonymous crypto analyst, pointed to a clear bullish formation on Ethereum’s weekly chart. He claimed that the breakout signifies the beginning of a prolonged bull market, with Ethereum poised to see substantial gains over the next few years. Faibik has set a midterm target of $10,000, driven by expectations of sustained momentum and minimal resistance on the path to new highs.
Ethereum’s price has already shown strong performance, 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 ETF inflows.
ETF Inflows and Structural Changes Drive Optimism
According to CoinMarketCap data, ETH’s price has surged 7.36% over the past week and 39.31% in the last 30 days. Analysts attribute the gains to structural changes in the market, including increased exchange-traded fund (ETF) inflows and improved market sentiment.
Pseudonymous trader Pentoshi highlighted Ethereum’s highest weekly close of the year, suggesting minimal resistance to its previous peak of $4,878, achieved in Nov. 2021.
Pentoshi and Poseidon echoed these sentiments, pointing to Ethereum’s structural breakout from a four-year range. Poseidon described the potential gains as exceeding market expectations.
Bankless podcast host Ryan Adams claimed that Ethereum could hit a new all-time high within a week if it maintains its current momentum.
On-Chain Activity and Market Sentiment Boost ETH Outlook
The recent price action reflects robust on-chain activity and renewed investor confidence. Data from CryptoQuant shows a 36.26% rise in active Ethereum addresses since early Nov., indicating growing market interest.
Ethereum’s breakout also coincides with improved market sentiment around crypto ETFs. Analysts believe that consistent ETF inflows could catalyze long-term price appreciation.
Sondergaard noted that ETF inflows, once considered weak, are now gaining momentum, reinforcing investor confidence. However, he urged caution, pointing out that sustained strength against Bitcoin on the ETH/BTC chart would solidify Ethereum’s position.
With Ethereum holding its highest weekly close of the year, many traders expect minimal resistance as it approaches its previous all-time high of $4,878, set in Nov. 2021.
As Ethereum continues to gather momentum, traders and investors remain focused on its ability to sustain these gains. While the midterm target of $10,000 may appear ambitious, the token’s recent performance and market dynamics suggest that further upside is possible.
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