Amid the September market recovery, the Ethereum price rebounded from the 61.8% Fibonacci retracement level, indicating a healthy correction. As the ETH price gains momentum for the Uptober upswing, its resemblance to the 2023 market rally hints at a potential push to a $10000 psychological level.\u00a0\u00a0<\/span><\/p>\n In a recent tweet, Julien Bittel, CFA, shared an optimistic target for ETH based on solid similarities to its 2023 price action. The attached showcased Ethereum price performance from January 2023 to March 2024, with a side-by-side overlap of Ether\u2019s price trajectory from 2024.<\/span><\/p>\n <\/p>\n The close resemblance between the two price movements indicates the Ethereum coin witnessed a bullish breakout, as seen in the latter part of 2023. If the trend continues, the second-largest cryptocurrency could witness a significant potential surpassing the current All-Time-High of $4891. <\/span><\/p>\n Bittel\u2019s chart hints at ETH price<\/a> testing the $7,000 to $10,000 range by January 2025, echoing the exponential growth witnessed in previous cycles.<\/span><\/p>\n ETH is still looking a lot like a 2023 redux.<\/p>\n Imagine\u2026#Ethereum<\/a> pic.twitter.com\/WwZ7I3ayz1<\/a><\/p>\n \u2014 Julien Bittel, CFA (@BittelJulien) September 25, 2024<\/a><\/p>\n<\/blockquote>\n According to Santiment<\/a> data, the Ethereum supply held by top addresses has recorded significant growth since March 2024, currently standing at 44.1%. This increase suggests large holders actively accumulate the asset, showcasing their confidence in potential future growth.<\/span><\/p>\n In addition, the ETH supply on exchange is steadily decreasing to now reach 10.1 Million coins. The declining trend indicates the available Ether supply on exchange is steadily decreasing due to investors\u2019 accumulation, reducing the risk of a major correction.<\/span><\/p>\n <\/p>\n Earlier today, the Ethereum Foundation sold 100 ETH for 262,474 $DAI, according to data from Spot On Chain. This on-chain data tracker has highlighted this selling sphere<\/a> of the Ethereum Foundation through 2024. The recent transaction has brought the total sales in 2024 to 3,766 ETH for 10.46 million DAI via CoWSwap, with an average sale price of $2,777 per ETH.<\/span><\/p>\n Notably, 1,250 ETH (worth approximately $3.06M) were sold in September alone.<\/span><\/p>\n The Ethereum Foundation sold another 100 $ETH<\/a> for 262,474 $DAI<\/a> about 10 minutes ago!<\/p>\n So far in 2024, the Ethereum Foundation has directly sold 3,766 $ETH<\/a> for 10.46M $DAI<\/a> via #CoWSwap<\/a> at an average price of $2,777. Notably, 1,250 $ETH<\/a> ($3.06M) has been sold in September alone.\u2026 https:\/\/t.co\/OFQiC42V4t<\/a> pic.twitter.com\/PBgaBxZtjr<\/a><\/p>\n \u2014 Spot On Chain (@spotonchain) September 30, 2024<\/a><\/p>\n<\/blockquote>\n Typically, these transactions could create market volatility and increase supply pressure. As Ethereum price navigates this selling pressure, it could trigger a temporary pullback before recuperating the bullish momentum.<\/span><\/p>\n In the last three weeks, the Ethereum price prediction<\/a> sharply rebounded from $2150 to $2723\u2014 a 26% increase. However, the price retraced<\/a> 5% to trade at $2600, indicating active overhead supply.\u00a0<\/span><\/p>\n <\/p>\n If the 50-day Exponential moving average offers firm resistance, the ETH price could plunge 18% to retest the 61.8% FIB level at $2100. In theory, this FIB level is a crucial support region for buyers to replenish the bullish momentum.<\/span><\/p>\n This level is further supported by an ascending trendline that has remained intact since June 2022. Historically, rebounds from this support have nearly doubled ETH\u2019s value, as seen in November 2022 and October 2023.<\/span><\/p>\n On the contrary, if sellers breach the long-coming support trendline, the bullish thesis will get invalidated.\u00a0\u00a0<\/span><\/p>\n <\/p>\n \n \tEthereum\u2019s price is showing strong similarities to the 2023 rally, with projections indicating it could surge toward the $7,000 to $10,000 range by early 2025<\/p>\n<\/p><\/div>\n<\/p><\/div>\n \n \tThe Ethereum Foundation\u2019s ongoing ETH sales, which have totaled 3,766 ETH in 2024, could increase overhead supply and potentially cause market volatility<\/p>\n<\/p><\/div>\n<\/p><\/div>\n \n \tEthereum faces strong resistance from the 50-day Exponential Moving Average (EMA), but the $2,100 level, supported by the 61.8% Fibonacci retracement and an ascending trendline since June 2022, serves as a crucial accumulation zone<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\nIs Ethereum Price Set for a $10K Surge in the Upcoming Bull Cycle?<\/strong><\/h2>\n
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Whales Accumulate as Ethereum Supply on Exchanges Hits New Lows<\/strong><\/h2>\n
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Ethereum Foundation\u2019s ETH Sales Could Spark Market Volatility<\/strong><\/h2>\n
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ETH Price Faces Key Resistance with $2,100 Support in Focus<\/span><\/h2>\n
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Frequently Asked Questions (FAQs)<\/h2>\n
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