Ethereum has regained significant attention in the cryptocurrency market after a recent surge that brought its price to $2,800, infusing new bullish energy into its long-term outlook. Currently, Ethereum is attempting to stabilize above the $2,500 mark; however, this relatively calm price action conceals what analysts are identifying as a pivotal moment in Ethereum's technical and on-chain history.
According to Crypto Patel, a crypto analyst active on the social media platform X, Ethereum's weekly engagement has reached an unprecedented peak, exceeding all previous highs recorded since 2022. A chart accompanying his analysis illustrates a notable increase in the number of unique addresses interacting with Ethereum's ecosystem. Recent statistics indicate that the number of weekly active addresses has soared to 17.4 million, reflecting an increase of nearly 17% within just a week. May 2025 marked a significant spike in engagement, with the past three weeks consistently featuring over 15 million active addresses.
Additionally, the Layer 2 multiplier, which indicates adoption of Ethereum's scaling solutions, has risen to 7.55x, signifying an 18.63% increase during the same timeframe. Crypto Patel emphasized the importance of this development, indicating that momentum is rapidly building, and cautioned followers to be prepared for a potentially significant upward movement in Ethereum's price. He stated, "It’s impossible to ignore $ETH right now."
Despite a slight 4.31% decrease in cross-chain activity over the past week, the overall trend in engagement suggests that more users are integrating into the Ethereum ecosystem. Adding to this bullish sentiment, another analyst, XForceGlobal, provided a broader technical analysis on the same platform. In a detailed Elliott Wave analysis, he noted that Ethereum has successfully navigated through a complex corrective phase and is now set to embark on a robust new impulsive phase.
XForceGlobal's analysis indicates that recent price movements have invalidated bearish scenarios, signaling the beginning of a new bullish cycle as Ethereum currently experiences a bullish B wave. If this wave unfolds as anticipated, the analyst forecasts a substantial price increase, targeting a range between $9,000 and $10,000 for Ethereum, with a specific target of $9,410 expected within the next year. However, he also mentioned a hypothetical scenario where a fallback to the $576 level could occur if the C corrective wave manifests.
Nonetheless, the prevailing wave structure suggests a higher probability of Ethereum achieving new highs rather than facing a downturn. Concluding his analysis, he stated, "We can now confidently scrap the bearish case. The impulse has opened the door for potential new highs." As of the latest update, Ethereum is trading at $2,493, having reached an intraday high of $2,537.
