ETH Targets $12,000 as "Belief" Phase Sparks Rally

- On-chain metrics signal significant bull cycle phase. - Analysts eye price targets from $10,000 to $20,000 amid favorable conditions. On August 25, 2025, Cointelegraph reported that Ethereum has entered the "belief" phase of its bull cycle, with key on-chain indicators signaling a substantial potential for a price surge. Metrics like the long-term holder net unrealized profit/loss (NUPL) and the market value to realized value (MVRV) ratio highlight that ETH is undervalued, a condition often preceding major market rallies. Analysts project Ethereum’s price targets could span from $10,000 to $20,000, an outlook supported by several on-chain metrics. The long-term holder NUPL metric has moved into the “belief-denial” zone, a phase historically tied to robust price gains. Additionally, the MVRV ratio suggests the cryptocurrency remains undervalued, allowing for considerable growth. Technical analysis also points to bullish patterns, as a rounded bottom on the daily chart aligns with a potential target of $12,130, while a bullish megaphone pattern on the weekly chart further validates a $10,000 valuation. Macroeconomic factors also amplify Ethereum's promising trajectory. For instance, anticipated interest rate cuts could channel more capital into digital assets like ETH. In addition, institutional adoption is gaining momentum, with the market expecting the upcoming launch of spot Ethereum ETFs to attract substantial investment flows. While conservative cycle targets place Ethereum between $7,000 and $11,000, a combination of favorable conditions has led analysts to speculate on higher benchmarks. This optimism is fueled by positive on-chain metrics, robust technical patterns, and a supportive macroeconomic environment, leading to projections that ETH could reach $12,000 or more before the cycle concludes. According to CoinMarketCap data, Ethereum (ETH) was trading at $4,587.28 as of 18:09 UTC on August 25. This price reflects a 6.76% dip in its 24-hour performance.