Analyses are emerging that Ethereum (ETH) has once again entered a strong upward trend. The ETH price has surged approximately 24% in the past week, breaking through $4,330 (about 60.19 million won), which is its highest since December 2021. The market is growing increasingly optimistic that it could surpass its all-time high of $4,950 (about 68.86 million won).
Technical analysts diagnose that Ethereum is currently breaking through the upper end of the 'Wyckoff Accumulation' pattern. Cryptocurrency analyst Lord Hawkins explained through his social media that "ETH is transitioning to a bullish trend after clearly going through an accumulation phase in this pattern" and that "reaching $6,000 (about 83.4 million won) is entirely possible".
Positive signals are continuing not only in dominant price patterns but also in fundamental aspects. With expectations of Ethereum ETF approval underlying the market, increased on-chain activity centered around the DeFi ecosystem and Layer 2 networks is also acting as a catalyst for ETH price increases.
Some experts are presenting even higher medium to long-term target prices. Scenarios from market data-based investment firms include the possibility of reaching $20,000 (about 278 million won) within the next 12 months. Of course, this would be significantly influenced by various external variables such as US regulatory environment, future benchmark interest rate policies, and Bitcoin (BTC) trends.
Meanwhile, ETH's rally is causing a spillover effect across its related ecosystem. Ethereum-based Layer 2 tokens such as Polygon (MATIC), Optimism (OP), and Arbitrum (ARB) are also simultaneously recording price increases, amplifying the market's strong sentiment.
Interest is growing in whether ETH can actually break its all-time high this year and reach its long-term target. As the judgment that Ethereum's technical transition is being reflected in its price gains more credibility, the market is keenly watching the price movements in the coming days.
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