Ethereum (ETH) has performed impressively recently, climbing from a low point in April to $4500. With the bull run sparked by the Bitcoin ETF, 2025 could become the stage for Ethereum. Let's explore the potential for Ethereum to break through $10,000 from multiple angles.

First, from the ETH/BTC ratio perspective, the current level of 0.0372 is in the lower-middle range of the past five years. If Bitcoin stays at $120,000, Ethereum is expected to reach around $6,200. Referring to the ratio of 0.06 to 0.08 in the previous bull run, Ethereum could even touch $7,200 to $9,600.

Secondly, the impact of institutional holdings and ETFs cannot be ignored. Currently, about 7.85% of Ethereum is held by ETFs and institutions, along with over 30% staked and locked, resulting in a limited actual circulation. If the proportion of institutional holdings rises to 15% to 20% in the future, the price center may be pushed to between 5000 and 6000 dollars.

Moreover, Metcalfe's Law shows that the daily active addresses of Ethereum are approaching one million. If the daily active addresses increase to 1.1 million, the price could rise to around 5700 USD; if it breaks through 1.3 million, reaching the 8000 USD high is also possible.

The NVT model (similar to the price-to-earnings ratio for cryptocurrencies) shows that Ethereum is currently at a low level. Based on historical data, the price of Ethereum may fluctuate between 5000 and 12000 USD in the next 6 to 12 months.

The on-chain cash flow model also provides positive forecasts. Considering Ethereum's network revenue (including fees and MEV), some analytical institutions predict a target price of $6000 for Ethereum by 2025, and it may even reach $11800 by 2030.

From a technical perspective, Ethereum's highs and lows are still rising. If it breaks through the key resistance level, the mid-term target could be around $5600.

Based on the analysis of multiple models, the consensus range for Ethereum is between $6000 and $8000. With the dual push of heightened market sentiment and active on-chain activities, breaking through $10,000 is not impossible. If the market is exceptionally optimistic, it could even reach highs of $12,000 to $15,000.

Overall, the value of Ethereum has been recognized in various valuation systems. Future performance will depend on the passage of time and changes in market sentiment. Investors should closely monitor market trends and rationally consider potential high returns and risks.