Ethereum’s $10,000 Prediction: Elliott Wave Analysis Unveiled
Ethereum (ETH) has shown remarkable strength recently, surging to nearly $3,600 and exhibiting a robust bullish trend with a 45.48% increase over the past month. This upward momentum has caught the attention of market analysts, sparking discussions about the potential for even greater gains.
Gert Van Lagen, a prominent Dutch market analyst, has weighed in on Ethereum’s price trajectory, leveraging the Elliott Wave theory. This technical analysis framework identifies recurring patterns in price movements, providing insights into potential future price targets based on investor sentiment.
Van Lagen’s analysis suggests Ethereum may be in the final stages of its bull market cycle, potentially reaching a staggering $10,000. His interpretation of the bi-weekly ETH chart reveals a classic five-wave pattern, initiated in 2022. This pattern, composed of sub-waves (abc), includes an initial impulse rally (Wave I), a correction (Wave II), a strong upward move (Wave III), a consolidation phase (Wave IV), and the current explosive final wave (Wave V).
According to Van Lagen, Ethereum’s recent price surge represents the completion of sub-wave ‘a’ of Wave V. He anticipates a brief pullback to retest the breakout zone (sub-wave ‘b’) before a final, significant rally (sub-wave ‘c’) propels ETH towards the $10,000 mark. This projection is based on a comprehensive Elliott Wave analysis of the Ethereum bull market since 2019.
Ethereum Price Overview:
At the time of writing, Ethereum trades at approximately $3,657, reflecting a 1.79% increase in the last 24 hours and 21.8% over the past week. However, a 46.03% drop in daily trading volume hints at a possible weakening in bullish momentum. Despite this, Ethereum maintains its position as the second-largest cryptocurrency, boasting a market capitalization of $441.14 billion and an 11.1% market share.
Disclaimer: This analysis is based on the Elliott Wave theory and should not be considered financial advice. Investing in cryptocurrencies carries inherent risks.
Source: TradingView, CoinMarketCap