Ethereum shows signs of recovery after breaking above $4,500, with analysts predicting a potential rally to over $10,000. This is based on a Fair Value Gap (FVG) zone between $2,475 and $2,634 that could trigger the next alt season.
Ethereum has started to show signs of life again after weeks of muted price action, but one analyst believes the current move is only the beginning of something much larger. This inclination is based on a technical setup built around a hidden inefficiency zone after the Ethereum price recently broke above $4,500.
The technical analysis shows that the unfilled gap may be the first waypoint in a recovery that eventually pushes the ETH price to five figures above $10,000.
Technical analysis done by crypto analyst Crypto Patel laid out a path to where the Ethereum price goes from here. However, the most important part of the analysis is a Fair Value Gap (FVG) zone that could trigger the next alt season. This FVG, which is between $2,475 and $2,634, was formed during Ethereum’s breakdown earlier in the year, leaving behind an imbalance that price has yet to revisit.
In technical analysis, these inefficiencies and gaps tend to act as magnets, especially when price begins to recover with momentum. The expectation is that Ethereum will attempt to fill this zone before any major rejection.
Ethereum’s recent reclaim above $2,300 and push to as high as $2,415 places it within striking distance of the FVG, and there’s now a high probability that it could fill it to reach as high as $2,634 in the coming days.
Ethereum Price Chart. Source: @CryptoPatel On X
The entire bullish argument rests on the strength of the $1,750 support zone. This level held during the recent selloff and formed the base for the current recovery. Ethereum is now looking like it’s slowly turning bullish, and the in three distinct layers. The first is reclaiming the FVG.
The Fair Value Gap (FVG) zone for Ethereum is between $2,475 and $2,634, which was formed during a previous price breakdown.
Analysts suggest that Ethereum's price could rally to over $10,000 based on current technical setups.
Ethereum recently broke above $4,500, signaling a potential recovery after weeks of muted price action.
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The second layer is the Bearish Order Block between $2,900 and $3,035. This is where a significant selling occurred in early February, which flipped what had been support of a symmetrical triangle into resistance. A clean break above this order block would invalidate the lower high pattern visible on the chart above and extend into a broader uptrend. According to the analyst, this is the level that could confirm the start of a wider altcoin rally, not just a recovery in Ethereum.
Failure at this level, however, keeps the current structure intact. Worst case scenario is a rejection at $3,035 which sends the ETH price back to trading between $2,000 and $1,500. THis is a reminder that the upside scenario is not guaranteed. A confirmed break above $3,035, would however, change the entire momentum into a bullish one, and long-term bullish projections will start to make sense. According to Crypto Patel, the long-term target for the Ethereum price in this case is a break above $10,000.
Ethereum price chart from Tradingview.com
ETH price remains below $2,500 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com