Ethereum has surged over 20% to firmly reclaim the price level of $4,200 for the first time since 2021. This exciting move comes after Ethereum has seen steady growth, and $5,000 could now be the next major psychological barrier. However, despite the current bullish trend dominating, a technical analysis by cryptocurrency trader Orbion suggests that this price surge may come to an end.

The Path to Euphoria and a Complete Exit Strategy

Ethereum's price volatility over the past week has outperformed many other cryptocurrencies, and confidence is gradually returning to this leading altcoin. However, Orbion shared on social media platform X that he has sold 33% of his Ethereum holdings, and the best time to completely exit all Ethereum positions is in the next two months.

His post includes a well-known summary of the market cycle. According to the summary, Ethereum's current position is in the Optimistic phase and dominates Ethereum. The Optimistic phase is a point in a bull run when market participants start to believe that the upward trend is genuinely sustainable.

Notably, the price forecast chart suggests it will reach the Market Peak/Euphoria phase by the end of October 2025. This is when traders can anticipate an overvaluation and an imminent downturn. Based on similarities with similar patterns in 2017 and 2021, Orbion claims he plans to sell the remaining ETH before October 31, although prices are expected to start gradually declining by the end of September.

Predicting Ethereum's Next Move

According to the forecast on the chart above, Ethereum still has a long way to go before reaching a certain peak. This means it is highly likely that Ethereum will eventually surpass the all-time high of $4,878 set in 2021.

It will be interesting to see how Ethereum's bullish momentum unfolds over the next two months before reaching a new peak. Based on the data table, Ethereum may experience the strongest price surge in the weeks leading up to Halloween on October 31. The final phase of this price surge will be driven by euphoric buying pressure, as investors feel unstoppable and confident about a continued bull run, similar to the cycle in 2021.

Even if Ethereum starts to crash by the end of October, the current trajectory suggests it could surpass the $5,000 mark before reaching a new peak. Notably, Orbion's short-term target for ETH is between $5,800 and $6,000 if the upward trend continues.

Technical analysis indicates that Ethereum's price target ranges from $4,800 to $12,000. According to technical analysis from cryptocurrency analyst Titan of Crypto, Ethereum is currently following a similar pattern as Bitcoin in 2020 and is on track to reach $12,000.