Ethereum Price Eyes $5,000 as Transactions Hit 1-year High

Ethereum price eyes a potential pump to a new all-time high with a bull pennant setup indicating signs of a 134% rally to $5,000.

This market setup also coincides with an uptick in total weekly transactions, which reached a new ATH. At the time of writing, the price of ETH/USD was $3,984 with a slight daily gain of 4.51%.

Ethereum Price Eyes 134% Gains to New ATH, Says Analyst

According to a price setup highlighted by a market pundit, the Titan of Crypto, a bull pennant points at $5,000 as the next price target for Ethereum (ETH).

However, this setup is dependent on whether Ethereum can successfully break out from the $4,000 level, where the trend has been rejected four consecutive times, as shown below by Ali_charts.

The main confirmation to watch out for is whether Ethereum price manages to flip the $4,000 level into a major support zone.

As for now, the downside buffer between $3,500 and $3,600 is preventing further price drops.

Bull Fractal Points to $4,400 on the Ethereum Dominance Chart

Meanwhile, a trader on X highlighted a crucial resistance level on Ethereum dominance, above which we could witness major liquidity flows from Bitcoin to Ether.

ETH/BTC aims to consolidate enough strength below the resistance level. According to Ted Pillows, a similar pattern played out in 2021 on the 1-day ETH/BTC chart, resulting in a 30% rally.

If it plays out successfully, the analyst said the price would cross above $4,400 in Q3 2025. This target mirrors an Ethereum price forecast that appeared on The Coin Republic.

Ethereum & Bitcoin Moment In Focus

Earlier today, markets expert Tom Lee told CNBC that Ethereum had built a solid foundation to reach $16,000.

According to Lee, the artificial intelligence and robotic economy in the future will rely on tokenization, and the major player in that sector happens to be the largest smart contracts network. He stated:

Transaction Count Reaches New Highs

User activity and total transactions on the Ethereum network also hit remarkable levels, with weekly transactions reaching a new all-time high of 11.9 million.

Notably, the daily transaction count reached 1.92 million, the highest level in one and a half years.

Across the board, the number of ETH treasuries reached 13 with the goal of participating in Ethereum’s decentralized finance.

It includes services like staking, lending, borrowing and restaking. Derivatives data on CoinGlass shows open interest went up by 4% over the last 24 hours to hit $4.89 billion.

In addition, on-chain metrics highlighted smart money movements where a whale acquired $122,955,634 worth of Ethereum over the past two days.

Institutional confidence in digital assets often mirrors a strong and robust ecosystem, and according to Big Sam, big purchases like this are thanks to Ethereum’s upgrades, such as the blob capacity adjustment.

What Lies Ahead for Ethereum Price?

Ethereum is facing increased adoption both at retail and institutional levels. While it has been stuck below the $4,000 level for a long time, on-chain activity indicates the possibility for a breakout to new all-time highs.

With various market experts like Tom Lee eyeing an explosive surge to $16,000. An important level to watch out for is the $4,000 resistance level, which Ethereum price has failed to breach over the last four consecutive times.