Ethereum News Today: Ethereum Rallies 25% to $3,750, Eyes $10,000 Breakout

Ethereum, the second-largest cryptocurrency by market capitalization, is currently in a technical analysis pattern known as a Parallel Channel. This pattern is characterized by an asset's price consolidating between two parallel trendlines, with the upper level acting as resistance and the lower level as support. According to analyst Ali Martinez, Ethereum has been trading within this channel for the past couple of years, with the upper level situated around $4,000.

Ethereum has tested this upper level three times in the past, each time being rejected. However, if the cryptocurrency can break past this resistance level, it could potentially surge to $10,000, according to Martinez. This prediction is based on the fact that Parallel Channel breakouts can often be of the same length as the height of the channel.

In recent days, Ethereum has seen a surge in the supply held by First Buyers, which refers to investors who have purchased the cryptocurrency for the first time. This increase in supply indicates that fresh inflows have been coming into the asset, which could potentially support a bullish breakout.

Ethereum's price has rallied by more than 25% in the past week, bringing it to $3,750. This rally has brought the cryptocurrency close to the upper level of the Parallel Channel, and it remains to be seen whether it will be able to break past this resistance level and potentially surge to $10,000.