Ethereum Surges 17% In Week, Breaks $2,500 Mark

Ethereum has shown significant bullish momentum, with gains exceeding 17% over the past week and a break above the $2,500 mark. This surge has prompted analysts to predict a potential parabolic price increase for the second-largest cryptocurrency by market capitalization, following a prolonged period of consolidation.

Crypto analyst Mister Crypto highlighted that Ethereum has been in a consolidation phase for four years, suggesting that the longer the consolidation, the more substantial the subsequent price pump. He expressed extreme bullishness, indicating that a breakout is imminent. His analysis, accompanied by a chart, suggested that Ethereum could reach a new all-time high during this breakout.

Another analyst, Skyrexio, predicted that Ethereum's price could soon experience a dramatic increase. In a TradingView analysis, he noted that Bitcoin's dominance is nearing the end of its uptrend, which could provide Ethereum with a renewed boost. Skyrexio acknowledged that while Ethereum's price is struggling to surpass $2,600, the bounce has already begun. He also mentioned that Ethereum could undergo a minor correction in the upcoming week but assured that the final uptrend has been confirmed. Analyzing Ethereum's weekly chart, Skyrexio opined that the cryptocurrency is in wave 3 of the Elliott wave structure, with a green dot on the Bullish/Bearish Reversal Bar indicator serving as a strong confirmation of the bull run. Skyrexio set a target of $6,500 for wave 3, corresponding to the 1.61 Fibonacci level. He advised market participants to consider a second scenario where Bitcoin's dominance reaches 67% and Ethereum retests its lows. Additionally, he noted that whales are actively accumulating Ethereum in anticipation of a potential price surge, with nearly 1 million ETH withdrawn from exchanges in the past month, as revealed by crypto analyst Ali Martinez.

Mikybull Crypto, another analyst, revealed that Ethereum has broken out of a 3-year downtrend. He predicted that Ethereum will outperform Bitcoin until the cycle peak, with a potential rally to $9,000 before the end of the current market cycle. In another post, he reiterated this target, outlining a range between $8,000 and $10,000 for Ethereum in this cycle. He noted that Ethereum is exhibiting characteristics similar to its 2017 bull run, further boosting his confidence in the cryptocurrency's potential to rally to as high as $10,000. Titan of Crypto also predicted a parabolic move for Ethereum, with a potential rally to $4,000.

At the time of writing, Ethereum's price is trading around $2,587, marking an increase over the past 24 hours. This bullish sentiment and the potential for a significant price surge have captured the attention of analysts and market participants alike, as Ethereum continues to show strong momentum following its breakout from a prolonged consolidation phase.