Ethereum price today is back in the spotlight after crossing $3,400 for the first time in five months, and traders are buzzing with predictions. This surge comes after Ethereum formed a key technical pattern, the inverse head and shoulders, a strong bullish signal often seen before major rallies.
This breakout has sparked huge optimism, with leading trader Crypto Patel calling Ethereum “mega bullish.” But will it be a smooth ride to $10,000? Maybe not.
Ethereum Gains Strength as ETH/BTC Surges 50% Since April
The recent rally didn’t happen overnight. Many believe big investors have been quietly buying Ethereum, creating strong buying pressure. At the same time, institutional money is flowing in, signaling continued trust in ETH as the second-largest cryptocurrency.
Ethereum isn’t just gaining in dollar value; it’s also performing well against Bitcoin. The ETH/BTC pair has bounced more than 50% since April and recently broke out of a bullish flag pattern.
Meanwhile, analysts like VirtualBacon and Michaël van de Poppe see this as a sign that Ethereum’s strength is growing. If this trend holds, the ETH/BTC pair could climb another 30%, pushing ETH prices even higher.
Can ETH Price Reach $10K?
The big buzz comes from Ethereum breaking out of the inverse head and shoulders pattern. Crypto Patel predicts this move could send ETH to $6,000 soon, with long-term targets of $8,000 and even $10,000.
However, Patel warns traders to expect some turbulence. A dip to around $2,800 could happen before the next big leg up, a common shakeout before strong rallies.
Oversold Levels Hint at Strength
Supporting the bullish case, analyst Stockmoney Lizards highlighted that Ethereum looks oversold against Bitcoin. The weekly RSI on ETH/BTC is at 23, the lowest since September 2019, just before Ethereum began a significant rally.
Based on this, they see a mid-term target of $4,500, which would still mark significant upside from current levels.
Now, all eyes are on whether ETH can maintain its position and continue to attract whales and institutional interest. If history repeats, Ethereum could be on the verge of an explosive move.
