Amid the September market recovery, the Ethereum price rebounded from the 61.8% Fibonacci retracement level, indicating a healthy correction. As the ETH price gains momentum for the Uptober upswing, its resemblance to the 2023 market rally hints at a potential push to a $10000 psychological level.
Is Ethereum Price Set for a $10K Surge in the Upcoming Bull Cycle?
In a recent tweet, Julien Bittel, CFA, shared an optimistic target for ETH based on solid similarities to its 2023 price action. The attached showcased Ethereum price performance from January 2023 to March 2024, with a side-by-side overlap of Ether’s price trajectory from 2024.
The close resemblance between the two price movements indicates the Ethereum coin witnessed a bullish breakout, as seen in the latter part of 2023. If the trend continues, the second-largest cryptocurrency could witness a significant potential surpassing the current All-Time-High of $4891.
Bittel’s chart hints at ETH price testing the $7,000 to $10,000 range by January 2025, echoing the exponential growth witnessed in previous cycles.
ETH is still looking a lot like a 2023 redux.
Imagine…#Ethereum pic.twitter.com/WwZ7I3ayz1
— Julien Bittel, CFA (@BittelJulien) September 25, 2024
Whales Accumulate as Ethereum Supply on Exchanges Hits New Lows
According to Santiment data, the Ethereum supply held by top addresses has recorded significant growth since March 2024, currently standing at 44.1%. This increase suggests large holders actively accumulate the asset, showcasing their confidence in potential future growth.
In addition, the ETH supply on exchange is steadily decreasing to now reach 10.1 Million coins. The declining trend indicates the available Ether supply on exchange is steadily decreasing due to investors’ accumulation, reducing the risk of a major correction.
Ethereum Foundation’s ETH Sales Could Spark Market Volatility
Earlier today, the Ethereum Foundation sold 100 ETH for 262,474 $DAI, according to data from Spot On Chain. This on-chain data tracker has highlighted this selling sphere of the Ethereum Foundation through 2024. The recent transaction has brought the total sales in 2024 to 3,766 ETH for 10.46 million DAI via CoWSwap, with an average sale price of $2,777 per ETH.
Notably, 1,250 ETH (worth approximately $3.06M) were sold in September alone.
The Ethereum Foundation sold another 100 $ETH for 262,474 $DAI about 10 minutes ago!
So far in 2024, the Ethereum Foundation has directly sold 3,766 $ETH for 10.46M $DAI via #CoWSwap at an average price of $2,777. Notably, 1,250 $ETH ($3.06M) has been sold in September alone.… https://t.co/OFQiC42V4t pic.twitter.com/PBgaBxZtjr
— Spot On Chain (@spotonchain) September 30, 2024
Typically, these transactions could create market volatility and increase supply pressure. As Ethereum price navigates this selling pressure, it could trigger a temporary pullback before recuperating the bullish momentum.
ETH Price Faces Key Resistance with $2,100 Support in Focus
In the last three weeks, the Ethereum price prediction sharply rebounded from $2150 to $2723— a 26% increase. However, the price retraced 5% to trade at $2600, indicating active overhead supply.
If the 50-day Exponential moving average offers firm resistance, the ETH price could plunge 18% to retest the 61.8% FIB level at $2100. In theory, this FIB level is a crucial support region for buyers to replenish the bullish momentum.
This level is further supported by an ascending trendline that has remained intact since June 2022. Historically, rebounds from this support have nearly doubled ETH’s value, as seen in November 2022 and October 2023.
On the contrary, if sellers breach the long-coming support trendline, the bullish thesis will get invalidated.
The post Is Ethereum Price Primed for $10K Rally in the Next Bull Cycle? appeared first on CoinGape.
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