Ethereum Weekly Engagement Hits Record High, Analysts Eye $9K ETH

While Ethereum’s current price hovers just below $2,500, the real story is happening under the hood.

According to Crypto Patel, a well-followed analyst on X, Ethereum’s weekly engagement has hit an all-time high, surpassing even the manic peaks of 2021 and 2022. If you’ve been sleeping on ETH, now might be the time to wake up.

“It’s impossible to ignore $ETH right now,” Patel wrote. “Momentum is building fast. Stay ready.”

Engagement Explosion: The Numbers Speak

Here’s a quick snapshot of Ethereum’s on-chain activity this week:

• Weekly active addresses:
  17.4 million, up nearly 17% week-over-week.
• Three consecutive weeks with 15M+ active addresses.
• Layer 2 adoption multiplier:
  Now at 7.55x, showing an 18.63% jump across L2 solutions like Arbitrum, Optimism, Base, and zkSync.

Despite a small 4.31% decline in cross-chain activity, the upward trend is undeniable.

Interpretation: This isn’t just bots or short-term noise—real users are interacting more deeply with the Ethereum network, signaling robust and organic demand.

Technical Analysis: Next Stop, $9K?

It’s not just the fundamentals making noise.

Crypto strategist XForceGlobal has dropped a bold call using Elliott Wave Theory: Ethereum could be entering a new impulsive wave that targets $9,410—possibly in the next 9 to 12 months.

Key Points From The Elliott Wave Setup:

• Completed a complex corrective structure.
• Currently in bullish B wave, with strong upward structure.
• Bearish case is now “invalidated.”
• Bullish price target: $9,000–$10,000
• Fallback scenario: ~$576 (unlikely based on current data)

“We can now confidently scrap the bearish case,” the analyst concluded. “The impulse has opened the door for potential new highs.”

Ethereum Price Snapshot (as of June 9, 2025)

Noteworthy: These gains come despite broader market consolidation, highlighting Ethereum’s strength as a leading Layer 1 asset with real usage and value capture.

Why the Fundamentals Still Matter

If you’re thinking, “But we’ve been here before,” yes—we have. But this cycle is different for a few key reasons:

1. Massive L2 Expansion

With Optimism, Arbitrum, and Base seeing record transaction volumes, Ethereum is scaling without sacrificing decentralization.

2. ETF Rumors and Institutional Tailwinds

Speculation around a potential ETH ETF approval continues to mount. Institutions are beginning to include ETH in portfolio models alongside BTC.

3. On-Chain Utility

From DeFi to NFTs, real-world assets (RWAs), and even AI tooling (via Chainlink integrations), Ethereum continues to be the most used blockchain in the world.

Analyst Opinions Roundup

Let’s recap what the pros are saying:

• Crypto Patel: “This is the most bullish on-chain setup Ethereum has seen in years.”
• XForceGlobal: “We’ve invalidated the bearish wave. $9,000–$10,000 ETH is in play.”
• Scott Matherson (Market Pundit): “Ignore ETH at your own risk. The signals are screaming higher prices.”

What’s Next for Ethereum?

Here’s what traders and investors are watching over the next few weeks:

• Layer 2 Token Airdrops — zkSync and Linea are expected to drive even more engagement.
• ETF Decision Windows — A positive SEC nod could ignite a fresh institutional bid.
• Proto-Danksharding (EIP-4844) — Ethereum’s next major scalability upgrade could land by Q3 2025.

Tip: This isn’t just a “buy-the-hype” moment. It’s a slow-burn transition into fundamentally driven growth.

Takeaways for Traders and Holders

If you’re a trader:

Look for breakout confirmation above $2,600 and major resistance at $2,900.
Be cautious of over-leveraged longs until ETH holds support above $2,500.
If ETH breaks below $2,400, the bullish B wave may retest support.

If you’re a long-term investor:

DCA (Dollar-Cost Averaging) strategies remain strong amid high L2 engagement.
Price target for end-2025 could be $9,000 based on current wave structures.
Risk management matters: always stay informed of macro headwinds and regulatory shifts.

Final Thought: Ethereum’s Not Just Alive — It’s Thriving

Ethereum may not be setting new price all-time highs (yet), but its engagement and technical setup suggest something bigger is brewing.

The metrics don’t lie: Ethereum is where the users are. And when you have users + utility + bullish structure, you get price expansion.

TL;DR: Don’t ignore Ethereum. It’s setting the stage for a massive breakout.