Ethereum Holds $2,622 Support, Eyes Bullish Run Toward $10,000

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What to Know

  • Prominent crypto analyst Crypto Patel pointed out that Ethereum rallied exactly as expected after retesting the 0.5 Fibonacci level at $2,622.
  • Should the support levels hold, ETH could be on the verge of a major upside break and hit the macro-target of $10,000.
erhereum
  • Ethereum holds key $2,622 support, signaling potential bullish momentum toward $10,000 target.
  • Analysts highlight Fibonacci levels: $2,622, $2,256, and $1,821 as critical accumulation zones.
  • MVRV Z-Score at 0.29 indicates neutral conditions, offering possible strategic entry points.

Ethereum is showing strength in that it is able to hold significant support levels, and there could be a bullish run. Analysts highlight the strategic accumulation areas and recommend caution when there’s a pullback. Investors are closely watching the ETH in terms of a possible breakthrough to the all-time high.

At press time, ETH is trading at $2,904, with a 24-hour trading volume of $37.67 billion and a market capitalization of $351.44 billion, showing a 0.56% decrease in the last 24 hours. ETH remains in focus, holding key support and signaling potential long-term opportunities.

Source: CoinMarketCap

Ethereum Support Signals Potential Rally

Prominent crypto analyst Crypto Patel pointed out that Ethereum rallied exactly as expected after retesting the 0.5 Fibonacci level at $2,622. Patel said that because this level has become a strong support, there are better than average probabilities that the cryptocurrency can climb higher and test the all-time high. However, he added that a fall below the support could cause the testing of lower levels.

Source: X

Patel pointed out important levels to watch, including $2,622 (0.5 Fibonacci) as the first line of defense, then $2,256 (0.618 Fibonacci) as the Golden accumulation region, and finally $1,821 (0.786 Fibonacci) as the strong support. Patel encouraged all investors to watch out for the price drops, which could be a great opportunity to accumulate.

Source: X

Also Read | Ethereum Whale Boosts Position to $44.5 Million Amid Crypto Surge

Ethereum Approaches Major Breakout

Another analyst, Ali Martinez, added that in the past, the best times when Ethereum could be accumulated were when the MVRV Z-Score was below zero. Today, the Z-Score stands at 0.29, and this suggests that ETH sits in a relatively neutral spot and could offer entry points.

Source: X

With ETH now trading above the key support levels and the markets closely watching these levels, analysts are cautiously optimistic about Ethereum’s ability to rally even further. Should the support levels hold, ETH could be on the verge of a major upside break and hit the macro-target of $10,000.

Also Read | Ethereum (ETH) Rally Incoming? Popular Market Commentator Sees Imminent Breakout

Zagham Abbas

Zagham Abbas

Zagham Abbas is a Blockchain Infrastructure Reporter at Tron Weekly with over five years of experience covering cryptocurrency markets, blockchain infrastructure, and digital asset regulation. His reporting focuses on core blockchain networks, protocol-level developments, decentralized finance ecosystems, and major assets such as Bitcoin, Ethereum, and altcoins.
Zagham covers network upgrades, protocol changes, scalability developments, security incidents, and ecosystem adoption across leading blockchain platforms. He also provides market analysis, explaining how infrastructure updates and regulatory actions impact digital asset markets. His work delivers clear, fact-based reporting for both beginners and experienced readers. He holds a Bachelor of Arts degree and follows strict editorial and fact-checking standards at Tron Weekly.

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