Ethereum has risen 1.45% in the past 24 hours to $4,313.21, extending its gains over the past 7 and 30 days. The second-largest cryptocurrency has surpassed Mastercard with a market cap of nearly $520 billion, thanks to a surge in trading volume. ETH has become the 22nd largest asset by market cap. Currently, its value stands at $4,312 at the time of writing, according to data from CoinMarketCap.

Furthermore, ETH is only 13% away from the all-time high of $4,878 in November 2021. Traders on Polymarket have predicted a 96% chance that the price of Ethereum will reach $4,400, while there is a 76% chance that the price will surpass the previous all-time high to reach $5,000 before the end of the year.

ETH Will Surge Strongly in the Coming Months: Analysts

Traders, institutional investors, and analysts believe the current rally could be the start of a larger and more sustainable bull market.

According to technical analyst Lord Hawkins, Ethereum is breaking out of a typical Wyckoff accumulation pattern. This means the recent rally is the "Sign of Strength" (SOS) resistance area, often followed by a short pullback to confirm a new uptrend. If this pattern continues, ETH could enter a bullish phase, pushing the price to $6,000.

According to analyst Titan of Crypto, ETH is "extremely bullish," showing a breakout from a multi-year symmetrical triangle pattern. Analyst Crypto Rover explains that the size of the triangle indicates a potential target of $8,000.

According to Nilesh Verma, ETH shows a repeating pattern as seen in 2017 and 2020. He notes that this cryptocurrency surged after retesting the major bottom support level.

"At least $10,000, with a bullish case of $16,000 - $20,000 in the next 6-8 months," Verma predicts.

ETF Capital Inflows, Whales' Accumulation Push Prices Higher

In addition, Ethereum exchange-traded funds (ETFs) have recorded a total of $461.21 million in net inflows per day as of Friday, according to Sosovalue data. This figure is higher than Bitcoin's $403 million.

Moreover, whales are accumulating ETH aggressively, signaling strong bullish sentiment. According to analyst LookOnChain, a notable whale has accumulated 49,533 ETH, worth $212 million on Monday.

"In the past week, they have accumulated 221,166 ETH ($946.6 million) from FalconX, Galaxy Digital, and BitGo," a post on X stated.

Additionally, BitMEX co-founder Arthur Hayes has purchased 1,250 ETH for $5.29 million, along with other altcoins, including Lido Dao (LDO), USDC, and PENDLE.

Ethereum co-founder Vitalik Buterin currently holds 240,042 Ethereum, worth approximately $1.01 billion, becoming a "billionaire on-chain"