After months of lackluster action, the price of Ethereum (ETH) rocketed above the $4,000 price point on Friday, a level not seen since March. The upward move came as an analyst pointed out a bullish pattern recently formed on the Ether chart. According to their analysis, the second-largest crypto is gearing up for a big breakout.
Ether To Hit $15,937 If History Repeats Itself
According to data from CoinGecko, Ether’s price has since settled at $4,002 as of press time, still up 2.8% on the day after giving up some gains above $4K.
A popular analyst going by the online moniker venturefounder on X believes that Ethereum is about to register an astronomical rally that will send its price to a new all-time high. Venturefounder noted that ETH is on the verge of breaking out of a three-year consolidation phase. Moreover, the trader thinks Ether could soon break out of the range where it has hovered for the last seven years.
Venturefounder postulated:
“Ethereum likely to repeat this impulsive breakout it did after between 2016-2017 to shoot to new ATH. Price Target: $15,937 by May 2025.”
Ethereum’s market cap would soar above $1 trillion for the first time ever if its price nears $16,000. Nevertheless, the pundit indicates that ETH must first close its weekly candle with $3,800 support to be able to first retest its current lifetime high of $4,878 en route to new ATHs.
Spot Ether ETF Inflows Buoy Bullish Momentum
Ether’s latest surge above $4K follows the nine ETH ETFs’ biggest single-day of inflows in history, according to data from Farside Investors. The $431 million in inflows registered on Thursday surpassed the previous record of $333 million on Nov. 29.
Despite a tepid launch, the Ether ETFs have been at a daily net positive since Nov. 21 and have accumulated over $1.1 billion in net inflows in the past two weeks. The BlackRock iShares Ethereum Trust contributed the lion’s share of the day’s inflows, with a record $292.7 million.
This wave of increased investment has pushed Ethereum’s market value to over $486 billion as of publication time. The bullish price movement reflects traders’ optimism following President-elect Donald Trump’s appointment this week of Paul Atkins as the new Securities and Exchange Commission chair and David Sacks as the crypto czar — both prominent pro-crypto advocates.
Some analysts are now convinced that a new Trump 2.0 crypto-friendly SEC will likely approve spot ETH ETF staking yields.