Ethereum Bull Run Driven by Expanding Global Liquidity and Wave Cycles

Ethereum entered a bull run in May 2025 after breaking $3,000 as global liquidity expanded to index level 97.5.

Analyst BitBull’s wave analysis suggests Ethereum could reach $11,000–$14,000 by 2026, following cyclical impulse patterns.

Ethereum trades near $4,444, with whales accumulating and strong support holding between $3,000 and $3,500 levels.

Ethereum market move continues to align with broader financial conditions, with analysts pointing to global liquidity as a key driver. Since late 2024, Ethereum traded in a prolonged accumulation phase below $2,750 while global liquidity weakened under tighter monetary conditions

However, a change occurred in May 2025 when liquidity strengthened sharply. This expansion coincided with Ethereum breaking through the $3,000 resistance level, pushing the asset into what analysts describe as the start of a new bull phase.

Liquidity Expansion and Market Breakout

According to market analyst Merlijn The Trader, Ethereum has entered a phase directly tied to global money supply growth. He noted that accumulation is finished and the crypto is now in an active bull run

Ethereum price outlook chart, Source: Merlijn The Trader on X

By August 2025, Ethereum rose to around $4,550 while global liquidity reached index level 97.5. The chart presented by the analyst indicated “We Are Here,” showing Ethereum slightly behind liquidity growth. This suggested temporary consolidation but also implied potential upside if liquidity levels remain elevated.

Wave Structures Support Long Term Growth

Analyst BitBull placed Ethereum price behavior within a long term wave based structure. Historical data from 2017 onward showed repeating cycles of impulse rallies followed by corrective A–B–C phases

For instance, Ethereum's peak above $1,400 in 2018 was rectified into 2019 to about $85. Similarly, the bull run of 2020–2021 to nearly $4,800 was rectified with a steep decline to about $1,000 in 2022–2023. BitBull noted that Ethereum's bounce from 2024 accords with the start of another major impulse wave.

Key Levels and Predictions

At press time, Ethereum was trading at $4,421 and is above the $4,000 support zone. According to BitBull, whale activity has increased notably, with accumulation continuing even at higher levels

He suggested a potential move targeting $11,000–$14,000 by 2026, consistent with historical expansion patterns. Key support is in the $3,000–$3,500 range, providing a base in case of corrective moves

However, both analysts agreed that sustained liquidity expansion and historical wave moves position Ethereum firmly within its bull cycle.

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