Although 2024 hasn’t been particularly bright for Ethereum (ETH) in terms of price action, 2025 could finally bring some much-needed optimism to ETH bulls. Several analysts believe that ETH is on the verge of a massive breakthrough that could see the cryptocurrency set new all-time highs (ATH).
Is it finally time for Ethereum?
Ethereum, the second-largest cryptocurrency by market capitalization, may finally eclipse its peers this year. According to crypto analyst Jelle, ETH has been trading in a long-term bull pennant for three years and has recently exploited all available downside liquidity.
The analyst underlines that ETH breakout time is near, anticipating an “old-fashioned ETH rally.” Jelle hinted at ETH entering five-digit territory, suggesting a minimum price target of $10,000.
Likewise, crypto and forex trader Merlijn The Trader shared an optimistic outlook. The trader highlighted ETH’s performance against Bitcoin (BTC), showing it following an ascending triangle pattern. A decisive breakout above the 0.15 BTC level could finally trigger the much-anticipated altseason. Merlijn noted:
ETH is about to skyrocket to $8,000. The pattern is clear and Ethereum’s next breakthrough is inevitable.
Another crypto enthusiast, BitcoinHabebe, shared his views on the ETH price action. According to them, ETH is trading in a descending widening wedge on the weekly time frame. A clear break above the upper trendline of this pattern could push ETH towards $5,000.
Meanwhile, veteran crypto market commentator Ali Martinez presented a thesis on the potential price trajectory of ETH for the first quarter of 2025. Martinez highlighted a bullish Inverted head and shoulders pattern forming on the daily chart.
According to Martinez, ETH consolidated for around 37 days around the $2,800 price level in April 2024 before moving higher. The analyst expects a similar period of consolidation as ETH forms the right shoulder of this pattern, with a breakout likely to occur by mid-February.
Whales losing confidence in ETH?
Although these price projections present a bullish outlook for ETH, some analysts remain careful on the ability of cryptocurrency to generate extraordinary gains in the short term. On-chain data suggests that some crypto whales are reducing their holdings of ETH due to its disappointing prices compared to other cryptocurrencies like XRP, SUI and Solana (SOL).
However, crypto exchange-traded fund (ETF) data noted this institutional capital could finally move from BTC to ETH. Sustained capital inflows into ETH could help pave the way for a new season. At press time, ETH is trading at $3,433, up 2.9% in the last 24 hours.
Featured image from Unsplash.com, charts from X and TradingView.com