Ethereum could reach $10K with bullish trends and technical patterns

Ethereum’s (CRYPTO:ETH) native token, Ether, is showing signs of potentially reaching $10,000 in the next bull cycle, supported by technical analysis, price fractals, and favorable macroeconomic conditions.

Experts suggest this target could be achievable within the coming months, driven by several factors.

One key reason is a price fractal observed between 2023 and 2024.

According to Julien Bittel, head of macro research at Global Macro Investor, Ethereum's recent price action mirrors its behavior during that period.

Ether consolidated between $1,500 and $2,000 before rallying to $3,500.

If this pattern continues, Ethereum could break out toward $10,000 by year’s end.

Another technical analysis involving Fibonacci retracement levels also supports the $10,000 target.

Historically, Ethereum has followed a similar trajectory during its 2017-2018 and 2020-2021 bull runs.

If Ether replicates this price behavior, Fibonacci extensions indicate potential targets at $6,978 and $10,623.

Additionally, Ethereum's 50-week exponential moving average (EMA) is around $2,749, a level Ether needs to reclaim to sustain its upward momentum.

According to the analysis, Ethereum's relative strength index (RSI) remains neutral, suggesting the token has room for growth if market conditions continue to improve.

Macroeconomic factors also drive optimism for Ethereum’s price.

Global M2 money supply, which tracks liquidity from central banks like the Federal Reserve, has historically correlated with Bitcoin’s price.

As central banks ease monetary policies due to economic uncertainties, this renewed liquidity could benefit cryptocurrencies, including Ethereum.

At the time of reporting, the Ethereum price was $2,630.87.