Is $ETH Price Primed for $10K Rally in the Next Bull Cycle? - CoinGape Analytics

Ethereum rebounded from the 61.8% Fibonacci retracement level in September, signaling a healthy correction. As momentum builds for an "Uptober" upswing, similarities to the 2023 rally suggest ETH could push toward the $10,000 level.

Julien Bittel, CFA, shared a chart comparing ETH’s 2023 and 2024 price action, predicting a test of the $7,000 to $10,000 range by January 2025. If the trend continues, ETH could surpass its current all-time high of $4,891.

Data shows whales are accumulating Ethereum, with the supply held by top addresses growing to 44.1%, and ETH on exchanges falling to 10.1 million coins. This reduced exchange supply may lower correction risks.

However, Ethereum Foundation’s recent ETH sales in 2024 could create market volatility. So far, the foundation has sold 3,766 ETH, including 1,250 ETH in September, potentially triggering a pullback.

ETH has faced resistance at $2,600 after a recent rebound. If the 50-day EMA remains firm, ETH could drop to $2,100. Conversely, breaking long-term support may invalidate the bullish outlook.