Ethereum Bulls Eye $10K as Analysts Predict Trend Reversal

Ethereum, the second-largest cryptocurrency by market capitalization, may have reached its bottom, according to several crypto analysts. The digital asset's price behavior has shown striking similarities to its movement during the 2019-2020 cycle, suggesting a potential trend reversal.

Crypto Yoddha, a prominent crypto analyst, shared a 10-day ETH chart indicating that the digital asset has likely bottomed for this cycle. The analyst highlighted the completion of a WXY correction pattern from Elliott Wave Theory, a three-wave corrective structure that often precedes trend reversals. To support this analysis, the analyst pointed out that Ethereum followed a similar price structure in its previous cycle before embarking on a bullish rally that surged 2,500%.

Breaking the $4,600 resistance level is crucial for ETH to sustain its bullish momentum, according to Crypto Yoddha. If ETH clears this hurdle, it could replicate its previous cycle's trajectory, potentially rallying to $10,000-$13,000.

Mister Crypto, another crypto trader, echoed Crypto Yoddha's sentiments. The analyst shared a chart indicating that ETH has bottomed and a 'big reversal' is likely to happen soon.

A group of seasoned crypto traders, Shuarix, also weighed in on ETH's price behavior. They compared ETH's current structure to its 2020 price action during the COVID-induced market crash. According to Shuarix, ETH recently experienced a false breakout from a symmetrical triangle pattern, followed by a major pullback. They believe this setup could lead to a strong rally, as the market shakes out so-called "weak hands."

On-chain data reveals that bearish sentiment surrounding ETH is at a level not seen since 2020. Large investors, or 'ETH whales,' are starting to lose faith in the digital asset, as indicated by a decrease in the Ethereum staking percentage. At press time, ETH trades at $2,644, down 3.5% in the past 24 hours.