Ethereum's ongoing bull run has captured the attention of traders worldwide, with recent analysis highlighting impulsive waves on the weekly chart. According to Trader Tardigrade, a prominent crypto analyst, $ETH is currently experiencing these dynamic price movements, suggesting that two-thirds of this bull market phase remain ahead. This optimistic outlook points to substantial upside potential for Ethereum, potentially driving it toward new all-time highs as market momentum builds. Traders are closely monitoring this development, as impulsive waves often signal strong buying pressure and extended rallies in cryptocurrency markets.

Ethereum Price Analysis: Impulsive Waves and Bull Run Potential

In the world of technical analysis, impulsive waves represent powerful directional moves within Elliott Wave theory, typically consisting of five sub-waves that propel prices higher in a bull market. For $ETH, the weekly chart as shared by Trader Tardigrade on August 30, 2025, illustrates this pattern clearly, with Ethereum breaking through key resistance levels. Historically, such waves have preceded major rallies, like the one seen in 2021 when ETH surged from under $2,000 to over $4,800 in a matter of months. Current market sentiment supports this view, with on-chain metrics showing increased accumulation by large holders, or whales, who have added millions in ETH to their portfolios over the past quarter. Trading volumes on major exchanges have also spiked, averaging over $20 billion daily in recent weeks, indicating robust participation from both retail and institutional investors. For traders, this setup presents opportunities in spot buying or leveraged positions, with potential entry points around the $3,000 support level, aiming for targets near $5,000 if the impulsive wave completes its cycle.

Key Support and Resistance Levels for ETH Trading

Diving deeper into the trading specifics, Ethereum's weekly chart reveals critical support at $2,800, a level that has held firm during recent pullbacks, reinforced by the 50-week moving average. Resistance looms at $4,000, a psychological barrier that, if breached, could accelerate the bull run as predicted. The Relative Strength Index (RSI) on the weekly timeframe is hovering around 65, signaling room for further upside without entering overbought territory. On-chain data from sources like Glassnode indicates a surge in active addresses, up 15% month-over-month, which correlates with rising network activity and potential price appreciation. Traders should watch for volume spikes above 50 million ETH transacted daily, as this could confirm the start of the next impulsive leg. In terms of trading pairs, ETH/BTC has shown strength, gaining 5% in the last month, suggesting Ethereum's outperformance against Bitcoin during this phase. Risk management is crucial here; setting stop-losses below $2,500 could protect against unexpected downturns driven by broader market volatility, such as fluctuations in stock indices like the S&P 500, which often influence crypto sentiment through correlated institutional flows.

Looking ahead, the assertion that two-thirds of the bull run are still to come implies a prolonged upward trajectory, possibly extending into 2026. This aligns with broader market trends, including anticipated Ethereum network upgrades like improved scalability, which could attract more decentralized finance (DeFi) projects and boost adoption. Institutional interest remains high, with reports of major funds allocating billions to ETH-based assets. For stock market correlations, Ethereum's performance often mirrors tech-heavy indices; a rally in AI-related stocks, for instance, could spill over to AI tokens on the Ethereum blockchain, enhancing overall ecosystem value. Traders might consider diversified strategies, such as pairing ETH longs with options hedges, to capitalize on this momentum. Overall, this analysis underscores Ethereum's resilience and growth potential, urging traders to stay vigilant for confirmation signals like breakout volumes or positive macroeconomic indicators.

In conclusion, Ethereum's impulsive waves on the weekly chart, as highlighted by Trader Tardigrade, offer a compelling case for continued bullish action. With two-thirds of the bull run potentially ahead, savvy traders can position themselves for significant gains by focusing on technical indicators, on-chain metrics, and cross-market dynamics. Monitoring real-time developments, such as price action around key levels and trading volume trends, will be essential for maximizing opportunities in this evolving market landscape.