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Ethereum is back in sharp focus across the crypto market following a recent rally to $2,800that has added fresh layers of bullish momentumto its long-term narrative. At the time of writing, Ethereum is trying to register a footing above $2,500, but this subdued price action masks what an analyst is calling one of the most critical technical and on-chain moments in Ethereum’s recent history. Ethereum Weekly Engagement Hits Record High
According to Crypto Patel, a crypto analyst on the social media platform X, Ethereum’s weekly engagementhas reached an all-time high, surpassing all previous peaks seen since 2022. The accompanying chart below shows a steep rise in the number of unique addresses interacting with Ethereum’s ecosystem. Related Reading Is Ethereum Back In Business? Morningstar Candlestick Pattern Tells A Story 3 days ago
According to the most recent data, the number of weekly active addresses stands at 17.4 million, representing an increase of almost 17% in just seven days. Notably, May 2025 saw the most significant growth in engagement, with each of the past three weekswitnessing at least 15 million active addresses. Meanwhile, the Layer 2 multiplier, which reflects adoption across Ethereum’s scaling solutions, has climbed to 7.55x, marking an 18.63% jump over the same period. Source: Crypto Patel on X
Crypto Patel described the development as impossible to ignore, adding that the momentum is building fast, and warned followers to stay ready as Ethereum prepares for what could be a dramatic next leg up. “It’s impossible to ignore $ETH right now,” he remarked. Despite a minor 4.31% decline in cross-chain activity in the past seven days, the overall engagement trend confirms that more users are entering the Ethereum ecosystem. Analyst Predicts $9,000 To $10,000 ETH Price Target
Complementing this on-chain momentum is a broader technical perspective offered by another crypto analyst known as XForceGlobal on the social media platform X. In a detailed Elliott Wave analysisalso shared on X, the analyst noted that Ethereum has successfully completed a complex corrective structure and is now poised to enter a powerful new impulsive phase. According to the chart, the bearish scenario has been invalidated by recent price behavior, and a new bullish cycle is now underwayas Ethereum is currently playing out a bullish B wave. Related Reading Ethereum Price At $8,000: Pundit Predicts Parabolic Run For ETH 1 week ago
If this bullish B wave plays out as expected, XForceGlobal projects a major price surge witha target range between $9,000 and $10,000 for Ethereum. Specifically, the analyst identified a $9,410 price target for sometime in the next year.
However, the analyst outlines a hypothetical fallback to the $576 zone if the C corrective wave unfolds. Nonetheless, the current wave structure shows an increased likelihood of Ethereum surging higher rather than breaking down. The analyst concluded by stating, “We can now confidently scrap the bearish case. The impulse opened the door for potential new highs.”
At the time of writing, Ethereum is trading at $2,493 with a recent intraday high of $2,537. ETH trading at $2,533 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com