Originally published on: September 29, 2024
Ethereum enthusiasts are buzzing with excitement as Ether, Ethereum’s native token, seems poised to surge towards $10,000 in the near future. A mix of bullish fundamental indicators and fascinating fractal patterns are painting a promising picture for the popular cryptocurrency.
One major reason for Ethereum’s potential rise to $10,000 is its striking resemblance to a previous price fractal observed between January 2023 and March 2024. According to Julien Bittel, head of macro research at Global Macro Investor, the current price action closely mirrors the consolidation phase witnessed during the 2023-2024 fractal, hinting at a possible breakout towards $10,000 by the end of the year.
Another key factor fueling Ethereum’s upward trajectory is the analysis of long-term Fibonacci retracement graphs, exponential moving averages (EMA), and relative strength index (RSI) on Ethereum’s weekly chart. Historical price action similarities between the 2017–2018 and 2020–2021 bull runs suggest that if ETH follows a similar trajectory, it could rally towards the $10,000 mark.
Looking at broader macroeconomic trends, such as global M2 money supply growth, also paints a rosy picture for Ethereum’s price potential. As central banks ease monetary policies in response to economic uncertainties, there are early signs of a reversal in M2 growth trends, which historically have had a positive impact on Bitcoin’s price. Given the positive correlation between Bitcoin and Ethereum, a surge in Bitcoin’s price could also propel Ethereum towards the coveted $10,000 milestone.
While this article does not provide investment advice, the exciting possibilities surrounding Ethereum’s price potential are certainly worth keeping an eye on. Conduct your own research and stay tuned for Ethereum’s journey towards $10,000 in the upcoming bull cycle.
