What does Ethereum’s latest revisit to key historical levels mean for you?

• A surge in demand has been observed among U.S. investors, who appear eager to accumulate ETH
• Analysts predict the next potential price target could exceed $10,000, fueled by an anticipated rally

Ethereum [ETH], the world’s largest altcoin, gained by almost 10% in just under a week to trade at under $3,900 at press time – A sign of renewed interest in the cryptocurrency. That’s not all though.

Owing to rising interest from U.S. investors and declining exchange reserves, ETH could register a significant upward move on the charts soon. 

ETH attracts more interest from U.S. investors

Interest in ETH among U.S. investors has risen sharply, as evidenced by the Coinbase Premium Index on CryptoQuant.

At the time of writing, the index had a value of 0.1440 – Its highest level since April 2024. Here, it’s worth noting that this was a period during which ETH’s price was notably higher.

The Coinbase Premium Index tracks the price difference between ETH on Coinbase, a major U.S-based cryptocurrency exchange, and other global platforms like Binance.

Source: Cryptoquant

A higher reading indicates greater demand for ETH among U.S investors, relative to international markets.

The aforementioned surge in the index can be interpreted to mean growing interest in the asset, which could lead to further upward momentum for ETH.

What’s next for ETH?

According to analyst Venture Founder, ETH may be on the brink of breaking out from a three-year consolidation triangle pattern. This typically signals the start of a rally.

Once this breakout occurs, driven by significant buying momentum—likely from U.S. investors and other market participants—ETH could see its price run up. There may be potential targets ranging between $11,000 and $15,000 too, as indicated by the attached chart.

Source: X

The popular analyst added,

“[ETH] price target: $15,937.”

Worth pointing out though that the asset’s ability to reach these levels depends on whether ETH can replicate the “impulsive” price move it saw between 2016 and 2017. The same is marked by the blue line on the chart.

If this pattern holds, ETH could continue its upward trajectory towards the predicted price levels.

Market gears up for upswing

Additionally, recent data revealed a consistent decline in ETH Exchange Reserves, with the same standing at 19.3 million ETH at press time. 

A fall in Exchange Reserves typically signals a reduction in the circulating supply of ETH on exchanges. When combined with rising demand, this often leads to upward price movement.

Additionally, Ethereum’s Total Value Locked (TVL)—which measures the amount of ETH invested across various protocols—surged to $71.08 billion. This is a level that was last seen in 2022.

Source: DeFiLlama

All these trends cumulatively suggest a positive outlook for ETH, reflecting strong market confidence and the potential for sustained growth as demand rises.