Ethereum’s price has fallen nearly 7% since its high on October 7 and is currently hovering around $2,388. This downward trend is in line with Bitcoin’s 2% drop in the past 24 hours. Although Ethereum (ETH) ended its lackluster performance last week with a 9% rebound, the short-term outlook remains questionable. However, as the cryptocurrency market moves through the first few months of the fourth quarter and against the backdrop of Vitalik Buterin’s nomination for the Nobel Prize, the medium- to long-term forecast remains unchanged. Will ETH price reach $10,000?
From a technical analysis perspective, Ethereum reaching $10,000 is a solid medium-to-high probability scenario. This assessment is based on two strong resistance levels at $2,800 and $4,000, which have long suppressed prices. Meanwhile, economist Tyler Cowen nominated Ethereum co-founder Vitalik Buterin for the Nobel Prize in Economics. Could this development help Ethereum reach $10,000?
Why did the price of Ethereum fall today?
ETH price has fallen 1.3% in the past 24 hours and is currently trading at $2,388. The sudden spike in selling pressure is due to speculation that China is selling ETH from the PlusToken scam. However, the outlook remains bullish for the following reasons:
Ethereum’s latest low is still higher than the low set during last month’s crash on September 6. This suggests that ETH price remains in an uptrend.
Additionally, the bullish momentum that started the fourth quarter is another reason why the price of Ethereum could continue to rise despite today’s drop.
Does this mean that the price of ETH will continue to rise to $10,000? Most likely. Crypto analyst KALEO predicted a roadmap for Ethereum to reach $10,000 in July 2022, suggesting that ETH will enter the price discovery phase in late 2024 or early 2025.
So far, his prediction has been correct, as Ethereum’s price has not surpassed its 2021 all-time high since then.
So far, his prediction has been correct, as the price of Ethereum has not surpassed its 2021 all-time high since then.
Will Vitalik Buterin's Nobel Prize Push ETH to $10,000?
Tyler Cowen, an American economist and professor, recently mentioned that Vitalik Buterin should win a Nobel Prize for his significant contributions to monetary economics and mechanism design through Ethereum.
“No economist that I know of has ever made any contribution to crypto theory,” Cowen said.
If Buterin wins the Nobel Prize in Economics, it could have far-reaching implications for the cryptocurrency market. These include:
Increased legitimacy for crypto assets (especially Ethereum) and the blockchain industry will attract more institutional investors, potentially pushing up the price of Ethereum.
This recognition will enhance positive sentiment in the market, thereby pushing up the price of ETH and other crypto assets.
Free publicity on the world stage will boost Ethereum and the crypto industry in mainstream media, bringing widespread awareness that will translate into mass adoption.
During the 2021 bull run, Ethereum’s price surged 5,400% from $85 to over $4,000 on hype alone.
With scientific and economic recognition, active ETFs, and growing institutional adoption, Ethereum will quickly soar to $10,000. Moreover, from the current price of $10,000, the increase is only 400%, which is insignificant compared to the previous 5,400%.
Ethereum Price Analysis: ETH to reach $3,000 in October
The 6-hour chart of ETH shows that a double bottom reversal pattern is forming, indicating a potential bullish trend. The downtrend is losing momentum and buyers may be preparing to take control.
The neckline near $2,490 is a key resistance level. If the price breaks above this level, the pattern will confirm a trend reversal with a steady rise from the neckline to a potential target of around $2,700. This would imply a 13% upside from the current price of $2,397.
Ethereum price prediction shows that the first support level is located around the recent low of $2,360. If the price falls below this level, the bullish outlook may weaken and ETH price may fall to $2,260 and $2,150.
The double bottom reversal pattern could indicate a broader shift in momentum and, if sustained, could mark the start of a new uptrend. Further gains would depend on a breakout above resistance near $2,700 and continued bullish sentiment with targets of $3,000, $4,000, and possibly $10,000. $ETH
