Recent price action has seen Ethereum price once again breach the $4,000 price level, sparking euphoria among cryptocurrency investors, especially those awaiting beginning of the altcoin season. This price augment comes after an unprecedented augment in the inflow of Ethereum Spot ETFs, which hit a record high of $428 million on December 5 as investors continue to anticipate crypto-positive regulatory changes under the novel Trump administration.

Interestingly, this bullish momentum has caused Ethereum price to make an compelling move on the price chart. Ethereum, in particular, has broken above a huge triangle on the weekly time frame chart, which indicates an upcoming price rally.

The $10,000 goal is in sight as the Bull Run gains momentum

According to technical analysis posted on social media platform This breakout is particularly significant because it comes out of a triangular formation that has existed for three years.

As the ETHUSDT weekly time chart below shows, a triangular pattern has been in place since the Ethereum price reached its current all-time high of $4,878 in November 2021. This pattern has been highlighted by the series of lower highs and higher lows that we have observed as Ethereum price trades in an increasingly narrow range.

However, in airy of the recent breakout to the upper end, Captain Faibik declared that Ethereum’s long-awaited 2024-2025 bull run has “officially begun.” As for the target pricethe analyst highlighted a rise towards $10,000, which would mean Ethereum’s price has reached novel all-time highs.

Chain data has hit a novel all-time high

Ethereum’s bullish momentum is confirmed by powerful on-chain metrics, in particular a noticeable augment in gigantic transactions. According to data from IntoTheBlocktransaction volume of $100,000 or more increased by more than 300% last week, totaling $86.15 billion in the last seven days and $17.15 billion in the last 24 hours.

This augment in the number of high-value transactions indicates the growing participation of institutional investors and high-net-worth individuals, which further improves the prospect of an Ethereum price to $10,000.

Additionally, Ethereum’s profitability indicators highlight favorable conditions for further growth. As cryptocurrency analyst Ali Martinez he noticed there is nothing stopping the Ethereum price from reaching novel all-time highs. As it stands, the only minor resistance level ahead is $4,540. Regardless, with the $3,560 demand zone representing a powerful support level, Ethereum’s trajectory appears heavily tilted toward the bulls.

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

Featured image from Medium, chart from TradingView