Ethereum Outlook: A $10,000 Target Amid Bullish Patterns and Growing Whale Interest – Investor Bites

Cryptofy Hub, a well-regarded cryptocurrency analytics platform, has shared a bold forecast for Ethereum, anticipating the digital asset could climb to $10,000 by the end of the year.

This optimistic outlook was detailed in a post on X, previously known as Twitter, where the platform dissected Ethereum’s multi-year chart to identify a rising wedge pattern.

This pattern is characterized by both resistance and support levels trending upwards, a formation Cryptofy Hub interprets as indicative of a robust upward movement.

Though a rising wedge is traditionally viewed by technical analysts as a bearish signal, suggesting a potential downward breakout, Cryptofy Hub remains upbeat.

They emphasize that the converging support levels point towards a sustained uptrend, underpinning their optimistic projection for Ethereum’s price.

Not everyone shares this enthusiasm. One skeptical X user remarked,

I don’t believe it will continue like that. It is a bear market once the top has been blown off. 2025-2026 will be brutal.

Despite such doubts, the bullish sentiment is bolstered by notable whale accumulation of Ethereum, the world’s second-largest cryptocurrency.

On Thursday, renowned analyst and trader Ali Martinez highlighted a significant uptick in the number of wallets holding at least 10,000 ETH.

Martinez sees this as a shift in market behavior from distribution to accumulation, which aligns with the narrative of increasing whale interest. Supporting this view, data from IntoTheBlock indicated a 7.28% rise in whale transaction value within the past 24 hours.

The market’s sentiment towards Ethereum saw a dramatic shift last week following the U.S. Securities and Exchange Commission’s approval of the first-ever spot Ether ETFs.

This regulatory milestone drove Ethereum’s price close to $4,000, although it has since experienced a correction. As of now, Ethereum trades at $3,738.32, remaining relatively stable over the past 24 hours, as reported by Benzinga Pro.

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• Source: https://investorbites.com/ethereum-outlook-a-10000-target-amid-bullish-patterns-and-growing-whale-interest/