Ethereum (ETH) has rallied 1.45% over the last 24 hours to $4,313.21, extending its 7-day and 30-day gains. The second-largest crypto has surpassed Mastercard with a nearly $520 billion market cap, driven by surging trading volumes.
ETH has become the 22nd largest asset by market cap. It is currently trading at $4,312 at press time, per CoinMarketCap data.
Further, ETH is only 13% away from its all-time high of $4,878 in November 2021. Polymarket traders have predicted a staggering 96% probability that the price of Ethereum will reach $4,400, while 76% probability that it will surpass its previous ATH to hit $5,000 before the end of the year.
ETH Price Would Rise Sharply in Coming Months: Analysts
Traders, institutional investors, and analysts are convinced that the current price surge could be the start of a larger, sustained rally.
According to technical analyst Lord Hawkins, Ethereum is breaking out of a textbook Wyckoff Accumulation pattern. This means that the recent price increase is a “Sign of Strength” (SOS) resistance zone, typically followed by a brief pullback to confirm the new uptrend.
If this pattern continues, ETH might enter a markup phase, pushing prices toward $6,000.
Per analyst Titan of Crypto, ETH is “extremely bullish,” pointing to its breakout from a multi-year symmetrical triangle pattern. The triangle size shows a potential target of $8,000, explained analyst Crypto Rover.
According to Nilesh Verma, ETH shows a repeating pattern seen in 2017 and 2020. The crypto rallies sharply after retesting a major bottom support, he noted.
“Minimum $10,000, bull case $16k- $20k in next 6-8 months,” Verma predicted.
Source: XETF Inflows, Whale Accumulation Pushes Prices Up
Besides, Ethereum exchange-traded funds (ETFs) saw a total of $461.21 million of daily net inflows as of Friday, per Sosovalue data. This is higher than that of Bitcoin’s $403 million.
Further, whales are aggressively accumulating ETH, signalling strong bullish sentiment. According to on-chain analyst LookOnChain, a prominent whale accumulated 49,533 ETH, valued at $212 million on Monday.
“Over the past week, they have accumulated 221,166 ETH ($946.6 million) from FalconX, Galaxy Digital and BitGo,” it wrote on X.
Additionally, BitMEX co-founder Arthur Hayes has bought 1,250 ETH for $5.29 million, alongside other altcoins, including Lido Dao (LDO), USDC and PENDLE.
Ethereum co-founder Vitalik Buterin currently holds 240,042 Ethereum, valued at around $1.01 billion, becoming an “onchain billionaire.”
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