Ethereum Eyes 6x Gain to $10,000 on Bullish Pattern

Ethereum, the second-largest cryptocurrency by market capitalization, is currently under the spotlight as analysts predict a potential long-term rally that could propel its price to $10,000. Crypto market analyst Ted Pillows has identified a bullish pattern that dates back several years, suggesting that Ethereum could be on the cusp of a significant upward movement. According to Pillows, if historical patterns repeat, Ethereum could see a conservative 6x increase, pushing its price above the $10,000 mark.

Pillows highlighted Ethereum’s multi-year ascending channel, noting that each cycle’s retest of the lower boundary has historically triggered powerful upside moves. A similar technical setup preceded a 300x rally in 2017 and a 50x gain in 2020. This time, he projects a more modest sixfold increase — one that could still send ETH beyond $10,000. His forecast accounts for Ethereum’s growing maturity, particularly its $292 billion market cap and increasing institutional interest, which may temper volatility but support steady growth.

Other analysts have echoed the $10K target, with Crypto Patel suggesting ETH must reclaim $2,800 to confirm bullish momentum. For now, ETH remains locked below key resistance levels. After facing two rejections at $2,600 in June, bulls are eyeing a breakout that could open the path toward $4,000 — the cycle peak so far. But technical confirmation is still lacking.

The weekly chart of Ethereum is currently in a precarious position, teetering on a bearish tower top formation. This formation signals potential downside movement if the price breaks below the $2,320 support level. However, analysts remain optimistic, pointing out that if Ethereum can maintain its position above the $2,400 mark and break through nearby resistance levels, such as $2,510-$2,520, it could signal a positive trend reversal.

Supporting this bullish outlook, a well-known pseudonymous cryptocurrency analyst, Modern Investor, recently endorsed a forecast by fellow analyst VirtualBacon. VirtualBacon had previously speculated that Ethereum could rise to $10,000, aligning with the long-term bullish pattern identified by Pillows. This endorsement adds credibility to the prediction, as both analysts are respected figures in the crypto community.

Technical chartists are also weighing in, pointing to Wyckoff and Elliott Wave patterns that predict a peak of $9,000–$10,000 for this cycle. These patterns suggest that Ethereum is in the midst of a reaccumulation phase, which could lead to a significant price surge in the near future. The combination of these technical indicators and historical patterns paints a compelling picture for Ethereum's potential price trajectory.

In on-chain activity, Ethereum network fees spiked by 130% over the past week, reaching $10.26 million. Meanwhile, exchange withdrawals surged to $293 million, reflecting investor confidence as more holders shift to self-custody. At the time of writing, ETH trades at $2,421 with 24-hour gains flat and daily volume down 16%, sitting at $15.23 billion.

However, it is important to note that these predictions are based on historical patterns and technical analysis, and the actual price movement of Ethereum could deviate from these forecasts. The cryptocurrency market is known for its volatility, and external factors such as regulatory changes or market sentiment could also impact Ethereum's price. Therefore, while the long-term bullish pattern identified by Pillows and the technical indicators point to a potential rally, investors should approach these predictions with caution and conduct their own research before making any investment decisions.