Ethereum (ETH) is showing powerful upside momentum, recently climbing to above $3,600, marking a 45% gain over the past month. As investor sentiment grows stronger, technical analysts are pointing to deeper bullish structures within the price chart, notably through Elliott Wave Theory, a widely used tool in market psychology-driven analysis.
Ethereum’s latest rally may just be the beginning of a larger move, according to a new interpretation by Dutch analyst Gert Van Lagen, who suggests that ETH could be en route to $10,000.
Elliott Wave Analysis Suggests Fifth and Final Wave in Motion
Elliott Wave Theory proposes that price movements unfold in five key waves, alternating between impulse and corrective phases. In Van Lagen’s analysis, Ethereum has been forming a textbook five-wave cycle since its 2022 lows.
- Wave I started the upward cycle with a moderate rally.
- Wave II followed as a correction between 2022 and 2023.
- Wave III showed explosive growth, pushing ETH to multi-month highs.
- Wave IV formed a long, sideways correction.
Ethereum is now entering Wave V – the final leg of the bull market, typically characterized by strong upward momentum in the form of an expanding diagonal pattern.
Current Status: Subwave ‘a’ Complete, Pullback Expected
Based on the most recent price action, Van Lagen believes subwave ‘a’ of Wave V is now complete. This implies that a short-term pullback may occur soon, forming subwave ‘b’, which would retest the breakout zone.
Once that correction is over, Ethereum is expected to begin subwave ‘c’, potentially triggering a parabolic rally.
Price Target: Ethereum May Reach $10,000
Van Lagen’s model, based on a bi-weekly chart, suggests that ETH could reach as high as $10,000, completing the Elliott Wave cycle that began in 2019. This forecast assumes the market sustains its current breakout structure and broader momentum across the crypto space continues.
The expanding diagonal formation supports a high-magnitude move in Wave V, particularly when investor enthusiasm and strong fundamentals align.
Key Takeaway
Ethereum’s bullish breakout is not just a short-term move — it could be part of a multi-year Elliott Wave structure nearing completion. While short-term pullbacks may occur, the broader pattern signals a possible surge to $10,000 as the fifth and final wave unfolds.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.