As the crypto market turns its attention back to Ethereum following a rally that catapulted its price to $2,800, the token’s narrative is increasingly bullish. Despite a slight pullback to above $2,500, Ethereum is at what analysts consider one of the most pivotal technical and on-chain points in its recent history.
Renowned crypto analyst, Crypto Patel, flagged Ethereum’s weekly engagement hitting a new high on social media. The analyst’s data reveals that the number of unique addresses interacting with Ethereum’s network has significantly increased. The most recent figure for weekly active addresses stands at 17.4 million, a nearly 17% spike in just a week. May 2025 witnessed the highest growth in engagement, with each of the past three weeks seeing at least 15 million active addresses. Furthermore, Ethereum’s Layer 2 multiplier, reflecting adoption across its scaling solutions, has risen to 7.55x, marking an 18.63% increase over the same period.
Crypto Patel emphasized the importance of these developments, noting the rapidly building momentum and urging followers to brace themselves for a potential dramatic Ethereum rally. “It’s impossible to ignore $ETH right now,” Patel proclaimed. Despite a negligible 4.31% decrease in cross-chain activity over the last week, the overall engagement trend suggests that the Ethereum ecosystem is attracting more users.
Adding to this on-chain momentum is a broader technical analysis by another crypto analyst, XForceGlobal, who predicts a major Ethereum price surge. Following a detailed Elliott Wave analysis, the analyst suggested that Ethereum has completed a complex corrective structure and is ready for a powerful new impulse phase. The chart indicates that the bearish scenario has been negated by the recent price movement, initiating a new bullish cycle with Ethereum currently in a bullish B wave.
If this B wave progresses as anticipated, XForceGlobal foresees a significant price surge, projecting a target range of $9,000 to $10,000 for Ethereum. The analysis identifies a $9,410 price target for Ethereum within the next year. However, a possible fallback to the $576 zone is outlined if a C corrective wave materializes. Nevertheless, the current wave structure suggests a higher likelihood of Ethereum surging than breaking down. “We can now confidently scrap the bearish case. The impulse opened the door for potential new highs,” concluded the analyst. As of this writing, Ethereum is trading at $2,493 with a recent intraday high of $2,537.
