Ethereum Price: ETH Season Begins in 3 Days, Will it Hit $10,000?

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Ethereum Price: ETH Season Begins in 3 Days, Will it Hit $10,000?

Ethereum’s (ETH) historical returns show that the next few days are important, and it’s primed to kickstart a massive uptrend. This outlook, combined with the massively bullish Cup-and-Handle setup, hints Ethereum price could hit $10,000 soon.

Ethereum Price to Enter ETH Season Soon

According to historical returns, Ethereum price experienced massive rallies in the first quarters. Hence, if history repeats or rhymes, ETH is due to kickstart a stellar rally in January 2025. The chart below shows the difference between Bitcoin (BTC) and Ethereum. While BTC experiences a massive uptrend in Q4 of every year, ETH’s parabolic phase lags and kickstarts in Q1.

Hence, Crypto Rover, a popular analyst, suggests that ETH Season will start in “3 days”, referring to the start of quarter 1 of 2025. This outlook is contingent that Bitcoin ends its bearish slump and triggers a rally with the start of a new year.

While history indicates a bullish outlook ahead of Ethereum price, let’s look at technicals that suggest how ETH could hit five digits as it edges closer to a breakout from a wildly bullish chart pattern.

ETH Technical Analysis: Ethereum’s Cup & Handle Pattern Forecasts $10,000 Target

ETH’s price action since October 2021 shows the formation of a massive, multi-year cup and handle pattern. This bullish pattern, as the name suggests, contains a rounded bottom termed “cup” and is followed by a minor retracement that is either in the shape of a descending parallel channel or another rounded bottom named “handle.” This technical formation also contains a resistance level that touches the cup and handle’s key swing points. A flip of this level into a support floor is key to confirming a successful breakout from the pattern.

So far, Ethereum price has attempted to break out but has been unsuccessful. But the start of the new year could provide the oomph to push through the resistance levels and trigger a rally to the upside.

Ethereum price prediction based on Cup and Handle’s theoretical forecasting methods reveals a conservative target of $6,078 and an exaggerated target of $12,480. The $6,078 target is obtained by measuring the cup’s depth from its right-most swing high and adding to the breakout point after the handle. The exaggerated target for Ethereum price easily surpasses the $10,000 psychological level and eyes $12,480.

Ethereum Price: ETH Season Begins in 3 Days, Will it Hit $10,000?
ETH/USD 2-week chart

While the technicals and historical data align and suggest a bullish outlook for Ethereum price, investors need to be careful with Bitcoin. BTC looks weak as it trades around $93K and shows signs that it could slip as low as $80K. Peter Brandt, a veteran trader, noted that it was forming a bearish head-and-shoulders setup with a theoretical target of $78K.

If bitcoin fails to stop its bleeding, it could invalidate Ethereum’s bullish outlook and potentially trigger ETH to crash to $2,600.

The post Ethereum Price: ETH Season Begins in 3 Days, Will it Hit $10,000? appeared first on CoinGape.

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