Ethereum soars: Towards $10,000?
Ethereum’s price action this week has been very notable, with the leading altcoin breaking above $2,800 again for the first time in four months. Ethereum managed to break above the $2,800 mark for the first time since February, briefly touching $2,870 before pulling back slightly.
Two separate analyses from cryptocurrency strategist Crypto Patel on the social media platform X suggest that Ethereum is now on the right track. The first, based on an 8-hour chart, highlights a rally towards $4,000. The second, using a long-term two-week timeframe, describes a bullish setup that could cause Ethereum to soar to $10,000 and beyond.
Ethereum's breakout from the sideways consolidation zone
In a recent analysis shared on X, a cryptocurrency analyst known as Crypto Patel highlighted Ethereum's attempt to break out of its established range. Using the 8-hour candlestick chart, he pointed out how Ethereum had spent many weeks since early May trading between a clear support at $2,366 and a resistance around $2,734. The breakout seen on the chart occurred just above this resistance zone, when Ethereum briefly surpassed $2,800 before facing some resistance.
If this breakout holds above $2,800, Ethereum could initiate a strong bullish rally towards the $3,500 to $4,000 region in the coming weeks. Crypto Patel emphasized the importance of observing whether Ethereum remains above the breakout line of $2,750, as a successful confirmation could trigger an influx of bullish momentum.
Ethereum towards $10,000 in the long term
