Analyst Bullish on Ethereum (ETH): $10,000 Target Possible in a ‘Glorious Year’

According to a crypto analyst, Ethereum (ETH) is poised for a remarkable surge. The analyst anticipated a price surge to a whopping $10,000.

This optimistic forecast follows Ethereum’s strong performance. It has been consolidating around the $3,700-$3,800 range.

Can the second-largest cryptocurrency pump to this level?

Ethereum’s “Glorious Year” Hinges on Crucial Price Point

According to crypto analyst Jelle, the Ethereum community is currently feeling negative about the coin.

This bearish sentiment comes from Ethereum’s struggle to stay above the $4,000 resistance level, causing some people to overthink its potential.

Source: X post

Despite this, Jelle urged investors not to panic and to avoid turning bearish in his X post.

He pointed out Ethereum’s key movements in the past two weeks.

Recently, Ethereum broke out of a multi-month falling wedge pattern thanks to the approval of the spot ETH ETF.

This helped the coin to regain the $3,600 price range and briefly touched $3,900.

Since May 28, Ethereum has been stable above $3,600 (support level), trading between $3,700 and $3,800.

In another X post, Jelle noted that Ethereum has been reclaiming the low range for the past three years, which could lead to a period of growth.

If Ethereum stays above this crucial level, Jelle believes it could have a successful year.

Further, the analyst mentioned that Ethereum (ETH) ‘s main challenge now is to break the $4,000 resistance level.

If the token surpasses this level, it could reach $10,000.

Another well-known crypto analyst, Il Capo of Crypto, agreed with this positive outlook.

He noted that Ethereum (ETH) looks strong above the $3,650 range.

Also, Il Capo believes this performance will set Ethereum up for a bullish continuation towards its previous all-time high.

Ethereum (ETH)’s Path Mirrors Bitcoin’s, Setting the Stage for Potential Price Surge

Ethereum’s future might be brighter than some recent predictions suggest.

Analysts are noticing a similarity between Ethereum’s current price movements and Bitcoin’s trend during its growth phase between 2018 and 2021.

Crypto trader Ash believes this pattern could hold, potentially propelling Ethereum (ETH) toward a much-anticipated $10,000 mark or even higher.

Ash’s ETH Chart | Source: X Post

Adding to the optimism is the highly anticipated launch of spot ETF.

Many analysts believe this will trigger a significant rise in altcoin prices. Moreover, this analyst thinks Ethereum will be the prime candidate to benefit during this “explosive” alt season.

Furthermore, a potential supply squeeze could push Ethereum’s price upwards.

Also, analyst Ali Martinez pointed out a huge outflow of ETH tokens worth around $3 billion from exchanges recently.

This movement coincides with the U.S. Securities and Exchange Commission’s (SEC) approval of new investment products.

With less Ethereum readily available for sale, the price could surge due to this limited supply.