Ethereum hits an all-time high as ETH price targets the $4K zone

Ethereum tests $3.3K support after a bullish breakout as the strike hits an all-time high and new wallet activity surges across the network.

Breakout supports bullish setup

Analyst Merlijn The Trader has identified a number of important technical patterns on the 12-hour chart. Ethereum recently broke out of a falling wedge. This type of pattern often appears at the end of a downtrend. ETH has also formed a double bottom and the neckline is at $3,300. The asset has broken above this line and is now trying to stay above it.

ETHEREUM HAS THE RECIPE:

Falling wedge.
Double bottom.
MACD turns bullish.

Now we only need one thing:

Hold $3,300 with both hands.

When bulls defend it…
we scare the bears and rip to $3,900-$4,000. pic.twitter.com/qdM91hSCsH

— Merlijn The Trader (@MerlijnTrader) January 15, 2026

A bullish crossover has appeared on the MACD indicator. Similar past crossovers have led to upward moves. If the price remains above $3,300, the chart indicates a possible move towards $3,900-$4,000. He too warned of a possible decline if ETH cannot stay above the range.

“If rejected: top up lower, possibly back to $3,000.”

At the time of writing, the asset is trading at around $3,300, with a 24-hour volume of over $26.5 billion. Over the past seven days, the price has risen by more than 6%, although there is a slight decline over 24 hours. Previous analyst commentary has cited longer-term price targets ranging from $4,950 to as high as $6,690.

Also Lark Davis noted“ETHBTC is currently retesting an 8-year downtrend line. If it breaks, it could mean a major shift for $ETH and alts.This could indicate growing strength of Ethereum compared to Bitcoin.

Supply switching reaches record levels

Betting on Ethereum has reached a new high. Data from ValidatorQueue.com shows that more than 36 million ETH has now been staked. This represents almost 30% of the total supply after a gradual and healthy increase in deployment.

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Crypto Robber commented,

“$ETH Staking Hits New All-Time Highs. Validators Are Confident Ethereum Will Go Higher Soon.”

Locked ETH reduces the available supply in the market. If demand remains high, reduced supply could increase price pressure. This growth suggests that many validators are confident in Ethereum’s longer-term prospects.

New Wallet activity is increasing

Data from Glassnode shows an increase in the number of new wallet addresses on the Ethereum network. Their statistical tracking of month-over-month activity shows a sharp increase in the “new“wallet group. These are addresses that have interacted with Ethereum for the first time in the last 30 days.

Ethereum’s month-over-month activity retention shows a sharp spike in the ‘New’ cohort, indicating an increase in the number of addresses interacting for the first time in the past 30 days.
This reflects a notable influx of new wallets engaging with the Ethereum network, rather than the activity… pic.twitter.com/h8Zw7hXOSX

— glassnode (@glassnode) January 15, 2026

This shift shows that more new users are engaging with the network. The increase could be due to staking, trading or using Ethereum-based applications. This activity shows that Ethereum is attracting the attention of new users.

Elsewhere, Bitmine Immersion Technologies confirmed a $200 million equity investment in Beast Industries, the company founded by Jimmy Donaldson, also known as MrBeast. The deal is expected to close on January 19, 2026. This move reflects companies’ increasing interest in blockchain-related ventures.