Ethereum price surges past $3,800 amid DeFi, altcoin rally
Ethereum price recently climbed above $3,800 for the first time since December 2024, driven by a broader altcoin rally and growing DeFi adoption. Over the past week, the Ethereum price rose from $3,600 to a peak above $3,800 before settling at $3,763, marking a 6.14% 24h surge and its highest level since 2025. The Altcoin Season Index hit 47 as total altcoin market cap reached $1.55 trillion. Analysts, led by Dutch trader Gert Van Lagen, apply Elliott wave theory to view this upswing as the final wave of a multi-year bull cycle and forecast a potential peak at $10,000. Market confidence is supported by rising network activity, sustained DeFi usage, and upcoming upgrades. Traders should monitor on-chain metrics such as daily active addresses and total value locked (TVL) in DeFi. Minor retracements may offer buying opportunities before a possible last leg up. This surge underscores Ethereum’s resilience, its 11.1% market share, and its central role in decentralized finance. It has implications for broader crypto market dynamics and risk management strategies.
Bullish
This news is bullish for Ethereum. In the short term, the 6.14% 24-hour surge and break above $3,800 signal strong buying momentum, likely attracting momentum traders and fueling further upside. The concurrent altcoin rally and rising DeFi usage underscore broad market confidence, while on-chain metrics such as active addresses and TVL in DeFi can help traders confirm renewed demand. For the longer term, Elliott wave analysis points to a final blow-off wave that could propel Ethereum toward $10,000. Ongoing network upgrades and sustained DeFi adoption should further support price appreciation and reinforce ETH’s market share. Traders can view minor retracements as buying opportunities, anticipating that the established bullish trend will persist.