Ethereum has just experienced a vibrant trading week as the price surged to $3,600, continuing to maintain strong growth momentum over the past month with an impressive increase of 45.48%. Along with the recovery of the entire altcoin market, ETH is attracting significant attention from both institutional and individual investors.

In this context, Dutch market expert Gert Van Lagen has made an optimistic forecast about Ethereum's potential for further price increases, based on the Elliott Wave analysis method. Although the current market seems somewhat 'overexcited,' he believes that ETH has not yet finished its uptrend cycle.

Elliott Wave Analysis: ETH Prepares to Enter the Final Uptrend Phase

According to Elliott wave theory, asset prices will move in a pattern of 5 main waves, reflecting the crowd psychology of investors through repeating cycles. Gert Van Lagen stated on the X platform on July 18 that ETH is in the final wave V of the growth cycle that began in 2022, with a potential price target reaching $10,000.

He describes that the bi-weekly chart shows ETH is completing a classic 5-wave Elliott wave pattern, in which:

  • Wave I: Marked by a strong initial increase since late 2022.

  • Wave II: A deep correction phase, lasting from 2022 to early 2023.

  • Wave III: A strong breakout phase pushing prices to new highs – reflecting strong demand.

  • Wave IV: A sideways accumulation or slight decline phase – characterized by 'gaining momentum.'

  • Wave V: The current final wave, represented by a last price increase before the cycle ends.

What Stage of Wave V is ETH In?

Van Lagen stated that Ethereum is currently completing the sub-wave a of wave V, after successfully breaking the resistance line of the wave III–IV area. This indicates that the market still has room for short-term price increases before entering the corrective sub-wave b to retest the breakout area.

After this correction phase, ETH may enter sub-wave c – the final explosive growth phase, leading to the possibility of forming a price peak at $10,000 – a price level that has never been achieved in history.

Current Situation of ETH

At the time of writing, ETH is trading around $3,657, up 1.79% in the past 24 hours and 21.8% in the last 7 days. However, daily trading volume has decreased sharply by 46.03%, indicating that the upward momentum may be temporarily slowing.

Nevertheless, with a market capitalization of $441.14 billion, accounting for about 11.1% of the total market capitalization, Ethereum remains firmly in the position of the second-largest cryptocurrency in the world.

Conclusion

Based on Elliott wave analysis, Ethereum may be entering the final phase of a bullish cycle that has lasted since 2019, with a potential target of $10,000. However, investors should note that the final phase of the cycle is often very volatile, with deep corrections interspersed with strong upward trends.

Closely monitoring the support price range around the breakout area will be key to assessing whether ETH has enough momentum to continue its journey towards historical highs.