Ethereum (ETH) continues to surge past key resistance levels, analysts are setting ambitious price targets for the cryptocurrency. Recently, Ethereum broke through significant hurdles at $3,350 and $3,400, before climbing to a multi-month peak of $3,688. Although there has been a minor retracement to around $3,605, the long-term outlook for ETH remains bullish.

A Strong Upward Trajectory within an Ascending Channel

Ethereum’s price action, according to well-known analyst Ali Martinez, is currently moving within an ascending channel on the weekly chart. This channel, often regarded as a critical level of support and resistance, indicates a strong upward trend for the cryptocurrency. At present, Ethereum is positioned near the midline of this channel, which is seen as a key area that can either support continued bullish momentum or present a hurdle.

Martinez has set an ambitious mid-term price target for Ethereum of $6,000. He suggests that if Ethereum continues its current trajectory, the cryptocurrency could potentially reach as high as $10,000 in the long run. Martinez had previously indicated that the risk-to-reward ratio for entering Ethereum at this stage was highly favorable, making it an attractive option for investors looking for growth opportunities in the crypto space.

Other Analysts Share Optimistic Views

Other prominent analysts are also echoing similar bullish sentiments about Ethereum’s future price performance. Ash Crypto, a respected figure in the cryptocurrency analysis space, has forecasted that Ethereum could surge to anywhere between $10,000 and $15,000. His reasoning is grounded in historical trends, noting that Ethereum often sees its strongest price movements between January and April in the years following a Bitcoin halving event. This period is expected to coincide with a potential rally, making December an ideal time to accumulate ETH.

Furthermore, a pseudonymous analyst known as “Venture Founder” has identified the $3,800 level as a critical price point for Ethereum. If Ethereum breaks through this threshold, it could trigger a substantial move upwards, potentially reaching $5,300. This price action would complete a two-year cup-and-handle pattern, with a subsequent target of $6,500. If this pattern holds, ETH could even surge as high as $7,300 by January 2025.

Large Holder Activity Fuels Ethereum’s Bullish Momentum

In addition to these technical and market-based projections, data from IntoTheBlock reveals that Ethereum is experiencing consistent inflows from large holders, further strengthening the bullish case. Over the past 7, 30, and 90 days, the amount of ETH held by large investors has increased by +14.63%, +44.80%, and +126.85%, respectively. This persistent accumulation is reducing the circulating supply of Ethereum, creating a sense of scarcity in the market—a factor that historically precedes major price rallies.

The increasing accumulation by large holders signals strong confidence in Ethereum’s future potential. With Ethereum’s supply becoming more concentrated among institutional investors, its market position continues to solidify, which could drive the price upwards.

Conclusion: Is $6K-$10K Realistic for Ethereum?

As Ethereum’s price continues to climb and key resistance levels are broken, analysts are increasingly confident in the asset’s long-term potential. With both short-term targets of $6,000 and long-term projections reaching $10,000, Ethereum’s bullish momentum appears poised to continue. Moreover, the ongoing accumulation by large holders and the increasing interest in Ethereum’s decentralized finance (DeFi) ecosystem further supports these optimistic forecasts.

While market fluctuations are inevitable in the volatile crypto space, the combination of technical analysis, historical trends, and strong investor sentiment suggests that Ethereum could be on the verge of a major price rally. For those looking to capitalize on this potential growth, the current momentum offers promising opportunities in the near future.