TLDR
- Ethereum reached new all-time high above $5,000 after 240% rally since April
- Long-term holder metrics indicate market entered “belief phase” of bull cycle
- MVRV ratio at 2.08 suggests ETH remains undervalued versus previous peaks
- Technical analysis supports targets between $7,000-$12,130 based on chart patterns
- Multiple analysts predict potential $10,000-$20,000 price targets this cycle
Ethereum has exploded over 240% since April, breaking through $5,000 to establish a fresh all-time high on Sunday. This massive price surge has pushed the cryptocurrency into what analysts call the “belief phase” of the current bull market cycle.
The rally comes as onchain metrics show striking similarities to previous bull runs. Ethereum’s long-term holder net unrealized profit/loss indicator has moved into the “belief-denial” zone, a position that historically precedes major price rallies.
This metric tracks profit and loss levels for investors holding ETH for at least 155 days. According to analyst Gert van Lagen, this positioning suggests Ethereum hasn’t reached the euphoric phase typically seen at cycle tops.
Van Lagen believes ETH price “still needs to climb further” before reaching peak conditions. He stated that $10,000 and $20,000 targets “are not unimaginable” for this bull cycle.
Market Valuation Supports Higher Prices
The market value to realized value ratio provides additional support for bullish predictions. Currently sitting at 2.08, this metric remains well below previous cycle peaks of 3.8 in 2021 and 6.49 in 2017.
This lower MVRV reading indicates limited profit-taking activity among long-term holders. The data suggests substantial room for price appreciation before reaching extreme profit levels that typically trigger major selling pressure.
Ethereum’s MVRV extreme deviation pricing bands point to potential growth toward $5,500 before hitting the uppermost threshold. This level represents where unrealized profits would reach extreme territory.
Ethereum Price Prediction
Chart analysis reveals multiple bullish formations supporting higher price predictions. Crypto analyst Jelle identified a megaphone pattern on ETH’s weekly chart that targets $10,000.
The pattern has been developing since December 2023, with Ethereum breaking through key resistance levels. Jelle noted “clear skies ahead” for continued upside movement.
Additional technical analysis shows ETH breaking above a rounded bottom formation on the daily timeframe. This pattern projects a target of $12,130, representing a potential 161% gain from current levels.
Analyst Mickybull Crypto confirmed cycle targets between $7,000-$11,000 based on historical patterns and current market structure.
Several factors could drive prices higher in 2025, including potential interest rate cuts, increased capital flows through spot Ethereum ETFs, and growing demand from institutional treasury allocations.
The combination of supportive onchain metrics and bullish technical patterns suggests Ethereum’s current rally may have substantial room to continue before reaching typical cycle peak conditions.
