Ethereum Price Eyes New All-Time Highs: Could $15K Be the Top?

Ethereum (ETH) has shown remarkable strength over the past few weeks, and analysts are predicting that the second-largest cryptocurrency by market capitalization could be on the verge of breaking its all-time high. After reaching a year-to-date high of $4,108 on December 16, Ethereum is now less than 18% away from its all-time high of $4,891, set in November 2021. With continued momentum, Ethereum’s price may soon surpass this milestone and potentially continue climbing well beyond that.
Strong Price Performance
Ethereum’s price has surged by 8% over the past week, 28% in the last 30 days, and an impressive 82% over the past year. As of December 17, the price hovered around $4,000, and trading volume for ETH surged by 30% on the same day, reaching $42 billion. This uptick in volume suggests strong market momentum, further fueling speculation that Ethereum could soon challenge its previous all-time high.
Decreasing Supply on Exchanges
One key factor supporting Ethereum's bullish outlook is the decreasing supply of ETH on exchanges. Data from on-chain analytics firm CryptoQuant reveals that ETH balances on exchanges have fallen to an 8.5-year low of 9.2 million ETH, a decline of nearly 10% year-over-year. Since October 2023, ETH withdrawals from exchanges have surged, contributing to a 73% price increase over the same period.
Growing Whale Accumulation
Another significant factor contributing to Ethereum's bullish momentum is the growing accumulation by large holders, or "whales." According to Santiment, whale wallets holding at least 100,000 ETH now account for 57% of the total ETH in circulation, with the number of such wallets reaching an all-time high of 104. This indicates that Ethereum’s wealthiest investors have been holding onto their positions rather than selling during the recent price rally, which could be a strong signal for long-term bullishness.
Additionally, the average number of new Ethereum addresses has increased significantly, reaching an eight-month high of 130,200 new addresses in December. This suggests growing interest in Ethereum from both retail and institutional investors.
Institutional Demand for Ether Products
Ethereum’s price rally has been bolstered by strong institutional demand, particularly for Ethereum-based exchange-traded funds (ETFs). Spot Ether ETFs in the United States have seen consistent daily inflows since November 22, with the largest-ever single-day inflow of over $428 million recorded on December 5. In total, Ether ETFs saw cumulative inflows of $854.8 million in the week ending December 13, bringing the total inflows over the past seven weeks to $3.7 billion.
CoinShares head of research, James Butterfill, noted that this marked a “dramatic improvement” in investor sentiment toward ETH. This trend is likely to continue driving demand for Ethereum, pushing its price higher in the coming weeks.
Bullish Price Targets for Ethereum
Ethereum is currently battling to turn the $4,000 level into support, which could set the stage for a breakout to new all-time highs. Popular crypto analyst Jelle recently highlighted the importance of breaking through this key resistance level, stating, “Break this, and all bets are off.”
Other analysts are eyeing even higher price targets. Venturefounder, a well-known trader, believes Ethereum is setting up for a new paradigm. Referring to a multi-year consolidation pattern, the analyst predicts that Ethereum’s price could reach as high as $15,937 by May 2025. Similarly, Michaell van de Poppe of MN Capital forecasts that Ethereum could hit a price range between $15,000 and $25,000 in this cycle, drawing parallels to the 2017 bull run.
While some analysts are projecting more conservative targets, such as VanEck’s $6,000 for Ethereum and $180,000 for Bitcoin by 2025, others are more optimistic. Bitwise Asset Management has set its sights on a $7,000 price for Ethereum, with Bitcoin and Solana also seeing significant upside potential in 2025.
Conclusion
Ethereum is poised for continued growth as it eyes new all-time highs. With strong momentum, decreasing supply on exchanges, increasing whale accumulation, and significant institutional interest, the second-largest cryptocurrency could easily surpass its 2021 high and move toward even higher price levels. While conservative price targets exist, some analysts believe Ethereum could eventually reach as high as $15,000 or even $25,000, marking a new phase in its price discovery. For now, the outlook remains highly bullish, and investors are eagerly watching to see how high ETH can go.
Disclaimer: The content on this website is for informational purposes only and does not constitute financial or investment advice. We do not endorse any project or product. Readers should conduct their own research and assume full responsibility for their decisions. We are not liable for any loss or damage arising from reliance on the information provided. Crypto investments carry risks.