Ethereum Price Breaks Out of Pivotal Range, Yet Still Appears to Be at the Foothills of a Massive Explosion

The ETH price displays a huge potential of triggering a 100x run to mark new highs before the end of 2025

The Ethereum price has broken out of a pivotal range and appears to be at the foothills of a massive explosion that could see the second-largest token soar to new highs by the end of 2025. The potential gains from these lows are huge and could result in a 100x return for those who enter at the current levels.

As the chart below shows, the Ethereum price has been closely consolidating within a bullish pattern, and the latest rise has helped the token to break out of the range. With this, the Ethereum market cap surged above $327 billion and surpassed the market cap of Bank of America for a while.

Source: Santiment

The chart above shows that the ETH price is heading towards one of the most bullish monthly closes in the near future. Moreover, the current chart patterns are replicating the Bitcoin 2021 bull run, and hence, if it follows a similar outcome, the ETH price may find highs beyond a 5-digit figure.

40x Long Whale Opens Position As Pectra Upgrade Contributes To Sharp Rise In ETH/BTC Ratio

Following the Pectra upgrade, ETH/BTC has shown huge bullish momentum, rebounding from the key support levels at 0.02. This occurred back in 2020, before the start of the 2021 bull run.

The chart above shows that this could be the main reason that the 40x Long Whale, James Wynn, opened a long position with 25x leverage in ETH at the entry point of $2666, valued at $60.4 million. Previously, the whale had opened a long position in Bitcoin, which resulted in a massive upswing towards the crucial resistance level of 1 BTC = 0.03 ETH.

This suggests that whales are becoming extremely bullish on Ethereum, which could be due to the recent Pectra upgrade. As such, the price of ETH could be poised for a significant upswing in the coming months.

Ethereum Price May Soar After Hitting 200-Day MA

The technical analysis from the Point and Figure perspective suggests that the price action is unfolding beautifully. After facing equal bullish and bearish action throughout the past week, the ETH price has finally triggered a strong breakout, which could push the price beyond the multi-year ascending trend line.

Moreover, the weekly price action suggests the token is testing the 200-day MA, and a rise above the range could be the turning point for the second-largest token. Currently, the price is testing the neckline of the v-shaped recovery and hence a weekly close above $2,619 may ascertain the beginning of the fresh bullish action.

The weekly RSI is rising, the weekly MACD underwent a bullish crossover, and the weekly CMF is at 0 after a rebound from -0.11, but the weekly DMI displays a diverse movement.

On the other hand, the Ethereum Open Interest has surged above $33 billion, suggesting a significant rise in the open futures and option contracts, which signals fresh liquidity entering the space.

After Bitcoin, it’s now time for Ethereum to break the highs, which may further trigger a strong altseason as Bitcoin dominance continues to drop.