Pundit Says Do Not Ignore Ethereum Amid New All-Time Highs In Major Metric

Ethereum is back in sharp focus across the crypto market following a recent rally to $2,800 that has added fresh layers of bullish momentum to its long-term narrative. At the time of writing, Ethereum is trying to register a footing above $2,500, but this subdued price action masks what an analyst is calling one of the most critical technical and on-chain moments in Ethereum’s recent history.

Ethereum Weekly Engagement Hits Record High

According to Crypto Patel, a crypto analyst on the social media platform X, Ethereum’s weekly engagement has reached an all-time high, surpassing all previous peaks seen since 2022. The accompanying chart below shows a steep rise in the number of unique addresses interacting with Ethereum’s ecosystem. 

Related Reading

According to the most recent data, the number of weekly active addresses stands at 17.4 million, representing an increase of almost 17% in just seven days. Notably, May 2025 saw the most significant growth in engagement, with each of the past three weeks witnessing at least 15 million active addresses. Meanwhile, the Layer 2 multiplier, which reflects adoption across Ethereum’s scaling solutions, has climbed to 7.55x, marking an 18.63% jump over the same period.

Crypto Patel described the development as impossible to ignore, adding that the momentum is building fast, and warned followers to stay ready as Ethereum prepares for what could be a dramatic next leg up. “It’s impossible to ignore $ETH right now,” he remarked. Despite a minor 4.31% decline in cross-chain activity in the past seven days, the overall engagement trend confirms that more users are entering the Ethereum ecosystem.

Analyst Predicts $9,000 To $10,000 ETH Price Target

Complementing this on-chain momentum is a broader technical perspective offered by another crypto analyst known as XForceGlobal on the social media platform X. In a detailed Elliott Wave analysis also shared on X, the analyst noted that Ethereum has successfully completed a complex corrective structure and is now poised to enter a powerful new impulsive phase. According to the chart, the bearish scenario has been invalidated by recent price behavior, and a new bullish cycle is now underway as Ethereum is currently playing out a bullish B wave.

Related Reading

If this bullish B wave plays out as expected, XForceGlobal projects a major price surge with a target range between $9,000 and $10,000 for Ethereum. Specifically, the analyst identified a $9,410 price target for sometime in the next year. 

However, the analyst outlines a hypothetical fallback to the $576 zone if the C corrective wave unfolds. Nonetheless, the current wave structure shows an increased likelihood of Ethereum surging higher rather than breaking down. The analyst concluded by stating, “We can now confidently scrap the bearish case. The impulse opened the door for potential new highs.”

At the time of writing, Ethereum is trading at $2,493 with a recent intraday high of $2,537.

Featured image from Getty Images, chart from Tradingview.com