Ethereum's ETH Surges 12%: Bullish Outlook Predicts $10,000 Breakout

Ethereum's native token, Ether (ETH), has experienced a significant rally, surging over 12% since its slump to $2,460 on February 3, following the crypto market's drawdown. While many altcoins have struggled to achieve meaningful recovery, ETH has garnered praise for its bullish outlook.

As sentiment shifts in favor of the largest altcoin, one analyst predicts that ETH is poised for a breakout to $10,000 during this cycle. Data suggests that new Ether all-time highs could be just around the corner. Analyst Ted Pillows compared Ether's current price action to Bitcoin's movement during the previous bull market cycle, observing a familiar bullish pattern.

Pillows' analysis indicates that in the 2015-2017 bull cycle, Bitcoin reached a bear market bottom at around $200-$205. After a period of rangebound action and extreme volatility, the crypto ultimately broke out in a parabolic rally toward $780, representing a new historic high at the time. According to Pillows, Ethereum is mirroring a similar course, having completed its accumulation and recently breaching stubborn resistance levels. Ether has also undergone considerable volatility recently, exacerbated by broader crypto market sell-offs that pulled its price below the psychologically important $3,000 price point.

Pillows listed several factors that could buoy the second-largest cryptocurrency's bullish outlook. He cited Ethereum's total value locked (TVL) and stablecoin liquidity dominance, with ETH remaining the decentralized finance (DeFi) king, capturing over 52% of the total DeFi market's TVL. The pundit also emphasized the effect of growing institutional interest and accumulation, which could directly benefit ETH holders. Finally, he noted that Ether currently boasts a lower inflation rate than Bitcoin and 99% of the altcoins in the market.

Based on these bullish factors, Pillows suggests that investors and traders alike should aim high, indicating that a $5,000 target is too conservative while advocating for a lofty $10,000 prediction. Meanwhile, Ether holders are hopeful that the potential approval of staking integration within spot ETH exchange-traded funds (ETFs), which are currently being reviewed by the US Securities and Exchange Commission (