Ethereum Completed Wyckoff Test: Is There a Possibility of $10,000?

Ethereum is preparing for a strong rise after leaving the 'test' phase in the Wyckoff formation. Crypto analyst Milkybull targets $9,000-$10,000 levels for ETH, while the increase in Bitcoin dominance also signals that the altcoin season is approaching.

Ethereum (ETH) has completed the 'test' phase of the Wyckoff re-accumulation process, a critical model in technical analysis. This development brings forth a significant rally possibility for ETH price. The charts shared by Milkybull Crypto show that Ethereum has moved beyond the 'Spring' and 'Test' stages to reach the 'LPS' (Last Point of Support) region. According to Wyckoff, this stage is generally considered a precursor to a substantial price increase.

The chart highlights that Ethereum has rebounded from $2,360 with a 'Spring' move and is preparing to break the 'Creek' resistance line located around $2,480. This move indicates a strong upward 'SOS' (Strength Signal) wave and signals that a rise above $3,200 may occur in the upcoming period. Elliott Wave analyses show that ETH has the potential to reach the range of $9,400-$10,000 in the coming periods.

On the other hand, these positive developments in Ethereum are also creating movement in the altcoin market. According to TradingView data, Bitcoin dominance has risen to 65%, reaching its highest point in recent months. Historically, such levels indicate the beginning of altcoin rallies. Positive signals in the Altcoin Season Index support the idea that a new altcoin season is approaching.

Crypto analyst Rekt Capital states that after Bitcoin dominance approaches 70% for the first time since 2021, altcoins may show strong performance. The Chart Degen encourages investors by stating that there is an opportunity to make significant gains in the coming months with the right altcoin selections.

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