Elliott wave analysis predicts ETH will reach the milestone of 10,000 dollars.

In the past week, the Ethereum market (ETH) showed impressive bullish momentum, reaching a peak of $3,600. Notably, the second-largest cryptocurrency by market capitalization – along with many other altcoins – is demonstrating strong upward momentum, as evidenced by a price increase of 46% over the past month. Amid the market’s excitement, Dutch market analyst Gert Van Lagen has expressed support for the possibility of ETH continuing to rise, based on analysis according to Elliott Wave theory.

ETH may end the bullish market cycle with a breakout

The Elliott Wave Theory is a technical analysis method used to predict target price levels by identifying repeating patterns in price movements driven by investor psychology. In a post on social media platform X on July 18, Van Lagen stated that this analysis framework indicates ETH is entering the final stage of the bull market cycle, with a price target reaching up to 10,000 dollars.

According to experts, the two-week trading chart of ETH shows that this coin is completing a five-wave cycle that started in 2022, with the fifth wave – also the final wave – forming as an expanding diagonal pattern.

Source: Gert Van LagenTo clarify, the Elliott Wave theory identifies a complete price cycle consisting of five waves, each wave containing sub-waves a-b-c. As shown in the chart above, the cycle begins with Wave 1, which is the first bullish move in the trend, followed by Wave 2, a strong correction that occurred from 2022 to 2023. Wave 3 is characterized by explosive bullish momentum, pushing the price of ETH to new highs, before entering the prolonged consolidation phase of Wave 4 with a horizontal correction pattern.

Finally, wave 5 – which is the current phase of the market – is often seen as the last bullish wave in the cycle. After breaking through the upper resistance level of the range between waves 3 and 4, Gert Van Lagen stated that ETH is currently completing sub-wave a of wave 5, following the recent rise to the sky.

Therefore, investors can expect a short adjustment phase to retest the breakout price area, thus completing sub-wave b. Subsequently, a rise to the sky – that is, sub-wave c – may occur, potentially pushing ETH up to the $10,000 mark, based on the extended Elliott wave analysis applied to the bullish market cycle of Ethereum that has lasted from 2019 until now.

Overview of ETH price

As of now, ETH is trading at $3,752, up 5.5% in the last 24 hours and 25.4% in the last 7 days. However, daily trading volume has decreased by 12%, indicating that the current bullish momentum may be weakening. After the latest rise to the sky, this altcoin still maintains its position as the second-largest cryptocurrency, with a market capitalization of $452.9 billion and accounting for 11.6% of the total market share.

Minh Anh