Ethereum price is flashing a familiar signal — one that historically preceded explosive price action. As on-chain metrics and technical indicators align once again, traders are asking the big question: could ETH repeat the same rally that delivered 90% gains in 2023?
With confidence returning to the altcoin market and Ethereum holding strong above the $2,500 mark, all eyes are on whether this bullish pattern will play out again in 2025.
The Bullish Setup That Sparked a 90% Rally
Back in early 2023, Ethereum showed a very specific technical setup: exchange outflows surged, indicating that investors were moving their ETH off centralized platforms and into long-term custody. At the same time, a Golden Cross appeared on the daily chart — a classic signal that occurs when the 50-day moving average crosses above the 200-day average.
That double confirmation preceded a powerful move from $1,600 to over $3,000 — a gain of nearly 90% in just a few months.
Now, the same conditions seem to be forming again.
Traders Spot the Golden Cross Again
One of the first to highlight the setup was analyst Merlijn The Trader, who pointed out the return of the Golden Cross on Ethereum’s chart
This renewed optimism is supported by increased long-term staking, reduced ETH balances on exchanges, and rising L2 activity — all signs that long-term holders are regaining control of the market.
ETH Price Holding Strong Above $2,500
At the time of writing, Ethereum price is around $2,552, showing resilience after its sharp breakout from the $2,200 range earlier this month.
Source: Tradingview
The chart structure shows:
- A clean breakout from consolidation
- Volume confirmation on upward moves
- Strong support around $2,400
While ETH is still well below its 2021 all-time high, the price action now mirrors the early stages of previous rallies — with a growing number of analysts setting targets around $3,000–$3,200 in the short term.
Is the Rally Sustainable or Overhyped?
Despite the optimism, some market watchers are cautious. While the Golden Cross is historically reliable, macro uncertainty and pending ETF decisions from the SEC could inject volatility into the market.
Moreover, Ethereum’s performance is still closely tied to Bitcoin’s dominance. If BTC cools off, ETH could struggle to maintain momentum. However, with the upcoming Dencun upgrade fully integrated, and L2 protocols thriving, Ethereum has strong fundamental backing in 2025 that wasn’t present two years ago.
Ethereum Price Prediction: What Comes Next?
If momentum continues and the Golden Cross holds, Ethereum could target $2,800–$3,000 in the coming weeks. Should the bullish scenario play out like it did in 2023, a move toward $3,400 or even $3,800 is not out of the question — especially if institutional flows return or ETF sentiment shifts.Still, caution remains warranted. A breakdown below $2,400 could invalidate the setup and send ETH back to its previous range near $2,100.
