Ethereum Maintains Strong Position: Is $10,000 Target Realistic?

On Sunday during the US session, Ethereum (ETH) showed a strong stance at $2,457, recording a 1.27% increase on a daily basis. This rise brings back the long-term bullish channel that ETH has been moving in since 2017. Some analyses suggest that considering this technical structure and institutional interest, Ethereum could reach $10,000 in this cycle.

Technical Outlook: $2,800 Threshold is Decisive

Crypto analyst Ted Pillows reminds that Ethereum's historical touches on long-term channel support have triggered significant rallies in the past. In 2017, it rose 300 times, and in 2020, nearly 50 times. While similar increases are not expected for ETH, which currently has a market value of $292 billion, the $10,000 level could be a realistic target in the coming months.

However, these targets may not come into play without the decisive levels being surpassed technically. ETH, which was rejected twice at $2,600 in June, could see levels of $4,000 and above if it makes a permanent close above $2,800, according to analyst Crypto Patel.

What do On-Chain Data Say?

On-chain data supports the bullish expectation. Whales and institutional wallets continue to accumulate ETH regularly despite price fluctuations.

🔹 According to Lookonchain data, SharpLink Gaming recently made an OTC ETH purchase of $4.82 million. Thus, the company's total ETH position reached $478 million.

🔹 A new staking investment of $4.56 million has been made to the Ethereum Beacon Chain.

🔹 The outflow of $293 million in ETH from exchanges indicates that investors are moving their assets to long-term cold wallets.

🔹 Despite low volatility, high-volume transfers indicate continued institutional interest.

These indicators reflect that ETH investors are focused more on long-term value appreciation than short-term gains.

Revitalization in the Ethereum Network: Is Price Lagging?

There is a noticeable activity in the Ethereum network.

📈 Daily transaction count is 1.5 million,

📊 The number of active addresses exceeded 356,000 — these figures represent the highest levels seen since the beginning of 2023.

🔥 At the same time, gas fees rose by 130%, reaching $10.26 million. This increase indicates that demand for DeFi and NFT applications is rising again.

However, this liveliness is not fully reflected in price performance. Fundamental analysis metrics are currently giving mixed signals:

The rise of the NVT ratio to 2044 may indicate that the price is leading in relation to its value of use.

The negative region of the MVRV Z-score indicates that many investors are still at a loss.

According to some analysts, this discrepancy may indicate a hidden buying opportunity, while for others, it may signal excessive optimism in the market.

Conclusion: Will ETH reach the $10,000 target?

Ethereum's upward potential is still preserved, but reaching large targets like $10,000 depends on these conditions:

✅ Permanent closures above $2,800

✅ Network activity aligns with price.

✅ Continued institutional purchases and staking interest

If ETH maintains the support at $2,400 and Bitcoin's market dominance remains stable, a bullish breakout can be expected. According to XForceGlobal analysts, ETH could rise to $9,400 with a strong momentum increase within the Wyckoff model.

Currently, Ethereum is maintaining its upward potential with technical and on-chain signals; however, the continuation of this movement will be possible with the overcoming of key resistances and the strengthening of institutional support.

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