Ethereum's Weekly Engagement Hits All-Time High, Price Targets $9,410

Ethereum has recently regained significant attention within the cryptocurrency market following a notable rally that pushed its price to $2,800. This surge has injected fresh bullish momentum into Ethereum's long-term outlook. As of the latest update, Ethereum is attempting to stabilize above the $2,500 mark, although the subdued price action belies a critical technical and on-chain development highlighted by a prominent analyst.

Crypto Patel, a well-known crypto analyst on the social media platform X, has pointed out that Ethereum's weekly engagement has reached an all-time high, surpassing all previous peaks observed since 2022. The accompanying chart illustrates a sharp increase in the number of unique addresses interacting with Ethereum's ecosystem. According to the latest data, the number of weekly active addresses has reached 17.4 million, reflecting a nearly 17% increase over just seven days. May 2025 saw the most substantial growth in engagement, with each of the past three weeks recording at least 15 million active addresses. Additionally, the Layer 2 multiplier, which measures adoption across Ethereum's scaling solutions, has risen to 7.55x, marking an 18.63% increase over the same period.

Crypto Patel described this development as impossible to ignore, emphasizing that the momentum is building rapidly. He warned followers to stay prepared as Ethereum gears up for what could be a dramatic next leg up. Despite a minor 4.31% decline in cross-chain activity over the past week, the overall engagement trend indicates that more users are entering the Ethereum ecosystem.

Complementing this on-chain momentum is a broader technical perspective offered by another crypto analyst known as XForceGlobal on the social media platform X. In a detailed Elliott Wave analysis, the analyst noted that Ethereum has successfully completed a complex corrective structure and is now poised to enter a powerful new impulsive phase. According to the chart, the bearish scenario has been invalidated by recent price behavior, and a new bullish cycle is now underway as Ethereum is currently playing out a bullish B wave.

If this bullish B wave unfolds as expected, XForceGlobal projects a major price surge with a target range between $9,000 and $10,000 for Ethereum. Specifically, the analyst identified a $9,410 price target for sometime in the next year. However, the analyst outlines a hypothetical fallback to the $576 zone if the C corrective wave unfolds. Nonetheless, the current wave structure shows an increased likelihood of Ethereum surging higher rather than breaking down. The analyst concluded by stating, “We can now confidently scrap the bearish case. The impulse opened the door for potential new highs.”

At the time of writing, Ethereum is trading at $2,493 with a recent intraday high of $2,537. The current market dynamics and technical indicators suggest that Ethereum is poised for further growth, supported by both on-chain engagement and bullish technical analysis. The increasing number of active addresses and the rising Layer 2 multiplier indicate a growing interest and adoption within the Ethereum ecosystem, which could drive the cryptocurrency to new heights in the coming months.