Ethereum continues to be a focal point of debate in the current market landscape, holding its position as the second-largest cryptocurrency and the leading altcoin by market capitalization. Several analysts have consistently projected that ETH could hit a five-digit price point this cycle, each offering different justifications for their forecasts. Analyst Ted Pillows has recently provided a fresh historical viewpoint that reinforces this overall optimistic sentiment.
On September 20, the altcoin is currently consolidating just beneath its 2021 all-time high, suggesting a price trend that could be interpreted as bullish when looking at historical patterns. At present, Ethereum is positioned just under $4,500, struggling to maintain a firm stance above its former cycle high of $4,878 established in November 2021. The current consolidation reflects a comparable scenario from the previous bull cycle. In 2021, ETH faced a notable 25% pullback after revisiting the 2017 all-time high of $1,400, subsequently continuing its impressive ascent to surpass $4,800. Ted Pillows suggests that if we apply this pattern to the current market, a similar correction could push ETH down to the $3,700–$3,800 range. Although this price drop might cause concern for short-term traders, the Pillows’ analysis indicates that it is an essential adjustment before Ethereum can initiate a significant upward movement.
Following the completion of this corrective phase, the market expert anticipates that Ethereum will initiate a significant rally, with the potential to hit $10,000 by early 2026, indicating a possible 100% increase from present market conditions. In recent developments, the activity on Ethereum’s decentralized exchange is experiencing a significant uptick, with the total trading volume on DEXs exceeding $3.5 trillion, as per reports. This milestone highlights Ethereum’s pivotal role as the foundation of decentralized finance, driving liquidity and trading throughout the crypto landscape. In the wake of this accomplishment, Ethereum has faced downward pressure on its price over the past week, mirroring trends seen across the broader crypto landscape. The prominent asset is currently valued at $4,470, reflecting a 4.32% decrease over the last week.
In the current landscape, daily trading volume has experienced a significant decline of 47.31%, now standing at a valuation of $17.1 billion. Ted Pillows has pointed out that if Ethereum does not manage to regain the $4,500 mark, the subsequent significant support area is found between $4,000 and $4,200. While this range will be crucial for sustaining upward momentum, a deeper retracement below $4,000 would still be consistent with historically bullish patterns as previously mentioned.