#DeFiGetsGraded How high will the price of Ethereum rise after surpassing USD 4K? Analysts weigh in
Ethereum bulls present strong arguments in favor of a price increase of ETH to USD 10,000 or more in the next six to eight months.
How high will the price of Ethereum rise after surpassing USD 4K? Analysts weigh in
Market Analysis
Key takeaways:
Ethereum is breaking out in multiple bullish setups on the price chart.
Analysts expect ETH to rise soon to USD 6,000, with a possibility of reaching USD 20,000 in a year.
The native token of Ethereum, Ether (ETH), has risen approximately 24% this week to surpass USD 4,330, its highest price since December 2021. Many analysts are now pointing to a breakout above the record level of USD 4,950.
The Wyckoff pattern of Ether points to a target of USD 6,000
According to analyst Lord Hawkins, Ethereum is showing signs of breaking its prevailing Wyckoff accumulation pattern.
Weekly price chart of the ETH/USD pair. Source: TradingView/Lord Hawkins
The ETH/USD pair has been trading within a wide accumulation range for months, steadily absorbing selling pressure. According to Wyckoff theory, this phase typically ends with a decisive breakout once buyers gain control.
That breakout seems to be underway, with ETH surpassing the resistance zone of USD 4,200, a stage known as "Sign of Strength" (SOS).
Illustrated Wyckoff accumulation pattern
In the Wyckoff model, this is usually followed by a brief pullback, or "last point of support" (LPS), to confirm the new bullish trend.
If the LPS holds, the price enters the revaluation phase, in which gains accelerate as demand outpaces supply. Measuring the height of the accumulation range gives a technical target close to USD 6,000.
The triangle setup shows a price target of USD 8,000 for Ether
On Sunday, ETH surpassed the
