Ethereum Prices Surge 50% Amidst Strong Technical & Onchain Fundamentals

In a stunning market reversal, Ether (ETH) has climbed approximately 50% in just two weeks, signaling renewed investor interest in the world’s second-largest cryptocurrency. Despite remaining 23% below its November 2021 all-time high, escalating price targets suggest the current bullish trend could accelerate significantly.

Key Performance Metrics

ETH has reached $3,730, up 50% from its recent low
Technical indicators suggest potential $9,000 price target
$4,000 barrier viewed as critical short-term measurement point
Current technical analysis aligns with ongoing bull market phase

Opening the Bull Case: Elliott Wave Technical Analysis

A significant technical argument for substantial upside cites completed multi-year market patterns. According to XForceGlobal’s Elliott Wave analysis, a validation of the current third-wave bullish structure could establish an ATH price target of $9,000 by early 2026. The characteristic five-three wave progression in crypto markets currently appears to remain intact with continued macroeconomic support.

If these patterns hold, they would represent one of the longest crypto bull market cycles to date, exceeding three years—a benchmark for new market highs. The technical thesis emphasizes that approximately 40% of Ethereum’s current price trajectory may still be ahead, with the $4,000 threshold widely viewed as necessary to trigger accelerated movement.

Ethereum Moving Average Position — *Ethereum Market Value to Realized Value (MVRV) Z-score remains in constructive territory below hypereuphoric indicators*

On-Chain Metrics Point to Structural Bullishness

Beyond technical indicators, fundamental on-chain analytics support a bullish Ethereum case. Multiple metrics converge to suggest the current rally has structural underpinnings rather than being driven solely by short-term speculation.

At current levels, approximately 28% of all ETH exists in staked form on the network. Further, exchange-supplied ETH has plummeted to 16.2 million tokens in circulation—levels last seen since 2016. This confluence of long-term capital deployment (staking) and reduced liquid supply creates a powerful combination for sustained price appreciation, particularly as institutional flows continue to pour into Ethereum-based products.

Additionally, tracking of “first-buyer” ETH holdings shows a nearly 17% acceleration since July. When combined with documented inflows exceeding $4 billion into Ether ETFs over recent weeks, these trends validate a maturing bull market cycle rather than isolated speculative interest.

Network Usage Metrics Underscore Fundamental Support

Contrary to what might be inferred from fluctuating transaction fees, Ethereum continues to process significant levels of real-world activity at consistently high levels of network utilization. Since May 2021, block gas limits have increased multiple times, yet network utilization remains exceptionally high.

The layered nature of Ethereum’s scaling architecture helps explain recent fee reductions while simultaneously supporting the thesis of fundamental strength. Rather than facing network congestion, approximately 58 million daily active addresses currently utilize the network’s scaling solutions. Recent protocol upgrades also appear to be successfully managing network demand, suggesting latent growth continues even as apparent fee spikes become temporary rather than structural.

This article does not constitute investment advice or a recommendation to purchase or sell any financial security or digital asset. Trading and investing in cryptocurrencies carry substantial risk of loss.