Ethereum Establishes Wyckoff Breakout Pattern: $10,000 Price Target Reemerges

A recent technical analysis by crypto analyst Merlijn The Trader, shared on X, illustrates Ethereum’s performance on the 2-day candlestick chart as a classic example of Wyckoff accumulation. The analysis suggests Ethereum has passed through multiple key phases of this model and is nearing a significant expansion phase, contingent upon the structure remaining stable. For several days, Ethereum has fluctuated between approximately $3,050 and $3,400, consistently struggling to achieve a significant breakthrough beyond these limits. Currently priced around $3,100, this ongoing standoff suggests that Ethereum is in a consolidation phase rather than trending decisively, reflecting the accumulation phase described in Merlijn's analysis. He characterizes Ethereum's chart as a 'Wyckoff masterclass,' detailing a process that has unfolded throughout 2025. Notably, after dipping below $1,500 earlier this year, Ethereum quickly reclaimed that range, leading to a rally peaking at $4,946, which then formed a clear trading range. Presently, Ethereum is identified as being in Phase D, after a recent downtrend. However, based on the Wyckoff model, Ethereum seems to be on the verge of breaking out into Phase E, potentially followed by a notable upswing. Should this anticipated Phase E unfold as expected, Merlijn believes Ethereum could experience a sustained increase, exiting its selling climax decisively and possibly making a bid towards the $10,000 mark, although the path to this target may not be straightforward. Following an anticipated push towards new all-time highs, brief pullbacks in the $5,000 range might occur, before the price stabilizes at approximately $3,750, which would affirm the strength of the accumulation structure.