When Will Ethereum (ETH) Hit $10,000?

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How many dollars are experts targeting for Ethereum? Can Ethereum hit $10,000 despite the recent drop?

Hopes are not lost for Ethereum, which has fallen to the level of $ 3,500 for the first time since October. However, in the short term, we may face worse. So, which regions will be the short-term targets of Ethereum, the largest altcoin? Can Ethereum reach $10,000?

Ethereum (ETH) Price Comment

Despite Bitcoin’s sharp fall, Ethereum (ETH), which maintains its support of $ 4,000, is currently benefiting from the stagnation of BTC. ETH price slackened by over 5.50% to $3,913 on Dec. In doing so, a more or less bearish flag slipped from the upward sloping support forming an ascending channel that looks like a bearish continuation setup.

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Experts often see bearish flags when an instrument breaks higher within a parallel channel after a significant price drop (called a flagpole). Expect the price to drop below the lower trendline of the flag. And when it does, experts set snow targets by measuring the height of the flagpole and subtracting it from the breakout level.

By applying the bull flag strategy to Ethereum’s ongoing price trends, the cryptocurrency can be expected to drop to $3,200 in the coming sessions. Interestingly, the level also retraced from the $720 low to $4,808 high, close to the 0.5 Fib line (~$3.264) of the Fibonacci retracement chart.

Will Ethereum Hit $10,000?

Some experts make much more optimistic forecasts and believe that the price has room to rise further from this region. For example, PostyXBT highlights how the December 6 crash of the price was received by buyers. ETH fell to $3,500 in a short time and quickly started to rise.

“If there is a weekly close above $4,000, it will make us understand how strong the Ethereum bulls are. Many altcoins have not been able to show such a recovery after receiving so many selling wicks.”

Crypto FOMO also said that Ethereum’s ability to hold the ascending channel support (bear flag structure) could lead the bulls to push the price towards $10,000. He also said that this channel confirms Ethereum’s strength against BTC.

In detail, ETH price has left the triangle range in the week ending Oct 25, after consolidating in a little over four months. However, traders have returned to test the structure’s upper trendline as support, as is common with bullish continuation setups.

As long as the price holds itself above the upper trendline of the triangle, the probability of continuing its rise is as likely as the maximum height of the structure as shown in the chart above. On the other hand, a definitive break below the lower trendline of the triangle risks invalidating the bullish setup.