Ethereum Could Surge to $10,000 If Key Resistance Is Overcome

Ethereum’s price movement this week has been quite remarkable, with the premier altcoin surpassing $2,800 once again for the first time in four months. Ethereum succeeded in exceeding the $2,800 threshold for the initial time since February, briefly reaching $2,870 before retracting slightly.

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Two distinct evaluations by crypto analyst Crypto Patel on the social platform X indicate Ethereum is currently on the correct path. The first, utilizing an 8-hour chart, underscores a surge toward $4,000. The second, employing a long-term two-week timeframe, describes a bullish configuration that might propel Ethereum to $10,000 and beyond.

Ethereum’s Surge From Sideways Consolidation Period

In a recent examination shared on X, a crypto expert known as Crypto Patel emphasized Ethereum’s effort to break free from its defined range. Utilizing the 8-hour candlestick chart, he illustrated how Ethereum spent several weeks since early May fluctuating between clear support at $2,366 and resistance around $2,734. The breakout illustrated on the chart occurred just above this resistance area, when Ethereum momentarily surpassed $2,800 before facing some pushback.

If this breakout maintains above $2,800, Ethereum may initiate a steep upward progression toward the $3,500 to $4,000 region in the upcoming weeks. Crypto Patel accentuated the significance of monitoring whether Ethereum remains above the $2,750 breakout line, as a successful confirmation could spark a wave of bullish movement.

Ethereum’s Path to $10,000 In the Long Run

In a subsequent post evaluating a much broader timeframe, Crypto Patel shared a two-week candlestick chart that traced Ethereum’s long-term structure from 2018. The chart displayed a clearly defined bullish setup, including a rebound from a key bullish order block around $1,400 in April. This rebound functioned as a support level, with the resulting candlestick being a bullish one that broke through another order block between $1,700 and $2,500.

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Patel pointed out that Ethereum is now exhibiting signs of a long-term bullish continuation pattern. With support levels already established for the next bear market, the analyst projected a target above $10,000, suggesting a 438% upside potential from current price levels. The chart also identifies $2,500 as a structural pivot point, with Ethereum’s ongoing upward movement anticipated to strengthen if this support level holds.

Consequently, the journey to $10,000 will hinge on Ethereum’s capacity to convert its recent resistance breach into sustained momentum. The $2,800 area must now function as a support foundation rather than a resistance barrier. However, this has not materialized as expected in the past 24 hours, with Ethereum currently down by a substantial 9.6%.

The ensuing price fluctuations have resulted in the leading altcoin reverting to trading within this consolidation range. Inability to maintain above $2,500 could lead to further losses over the weekend until it closes on $2,366 again and potentially initiate another rebound from this point.

Featured image from Getty Images, chart from Tradingview.com