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Prominent market analyst with X username PlanD has shared an intriguing bullish projection of the Ethereum (ETH) market. Amid recent losses, which saw the ETH decline by 10.66% over the week, PlanD backs the altcoin market leader to reach a potential $21,000 price target by end of 2025.
In an X post on September 27, PlanD provides a long-term price analysis of the Ethereum market, highlighting strong bullish potential. Over the last quarter, ETH has shown a strong price performance, breaking out of a four-year-long symmetrical triangle to establish a new all-time high at $4,953.
For context, the symmetrical triangle is a neutral chart pattern that forms when the price consolidates between two converging trendlines. When price breaks above the upper descending trendline, i.e., resistance as seen in the Ethereum market, it is usually interpreted as a bullish signal.
In line with the classic technical structure, PlanD further explains that the recent price decline over the past two weeks aligns with an expected retest of “this resistance” around $3,900. Having successfully bounced off this price zone, which now functions as a price floor, the analyst states that Ethereum has now resumed its uptrend, with the first major target being $5,900, which emerged from an inverse head and shoulders pattern (H&S)
The inverse head and shoulders is a bullish reversal chart pattern often seen after a downtrend. It signals that the market may be shifting from bearish to bullish momentum. This is clearly seen in the ETH price behavior so far in 2025. PlanD explains that if Ethereum successfully achieves the $5,900 inverse H&S target, the altcoin is expected to initiate a rally towards the symmetrical triangle formation’s major target of $21,000 by the end of 2025.
At the time of writing, Ethereum is trading at $4,001 with almost no price change in the last day. However, market trading volume has dropped 58.67%, indicating weaker participation and declining short-term momentum.
According to blockchain analytics company Sentora, total network fees fell 3.9% week-on-week, suggesting reduced on-chain activity and lower demand for block space. Meanwhile, exchange netflows recorded -$3.08 billion week-on-week, meaning more Ethereum was withdrawn from exchanges than deposited, a generally bullish signal as it points to accumulation rather than selling pressure.
