Ethereum (ETH) is experiencing a significant price surge in 2025, drawing notable comparisons among analysts to its major breakout pattern in 2017. This renewed bullish momentum, fueled by robust institutional demand and emerging supply constraints, has led prominent forecasts to identify $10,000 as a conservative price target for the digital asset.
The current rally mirrors the pattern observed after Ethereum reclaimed its crucial 50-week moving average late in 2017. Confirmation of this recurring technical signal, combined with substantial accumulation by major financial institutions including BlackRock and SharpLink Gaming, is creating a pronounced tightening in ETH supply.
Breaking decisively above the key $4,000 psychological barrier marks a critical juncture, especially after ETH spent considerable time consolidating within the $1,570 to $4,000 range. Analysts emphasize this breakout above the multi-year consolidation range aligns with historical precedent.
On-chain data supports the supply shortage narrative. ETH staking participation continues to grow, effectively locking tokens away from immediate circulation. Concurrently, exchange balances for ETH are decreasing, reducing the readily available supply on trading platforms. These combined factors are exerting substantial upward pressure on the price.