Although the majority of assets in the cryptocurrency market are swimming in the red these days, things may not be so bleak for Ethereum (ETH), where the traders are split on what comes next – a dip to $3,500 or a rally to $4,800 or even $10,000.
Specifically, popular crypto trading expert Ali Martinez has shared the 12-hour chart showing ETH locked between two major price levels, with current prices hovering below $4,000, teasing a simple yet critical question: “What comes first?” in his X post on October 17.
As it happens, this structure resembles a tightening range after a volatile few weeks, where bulls have repeatedly defended the $3,700 zone, and Martinez’s chart highlights this as a ‘make-or-break’ range, implying that a clean breakout could dictate Ethereum’s next big move.
Bullish optimism builds as analyst eyes $10K target
At the same time, fellow crypto analyst Michaël van de Poppe sees this consolidation as the calm before the storm. Notably, his analysis points out that ETH has already retested its previous resistance zone and that could pave the way for the next bullish leg, perhaps even to $10,000 in the coming months, arguing that “this bull market is far from over.”
Indeed, van de Poppe’s chart of ETH/BTC shows a potential rebound zone forming, signaling that Ethereum could soon outperform Bitcoin (BTC) if momentum shifts. Historically, such ETH/BTC strength has often accompanied Ethereum-led rallies across the broader crypto market.
For the time being, Ethereum is changing hands at $3,798.34, suggesting a 5.55% drop on the day, a decline of 12.41% across the past week, and an accumulated loss of 16.8% on its monthly chart, according to the latest price information.
All things considered, a clean breakdown below $3,500 could trigger panic selling, dragging ETH back toward $3,200. But if the bulls manage to reclaim $4,400 and break through $4,800, the next stop could easily be psychological resistance at $5,000, and from there, it could well reach the coveted $10,000, especially as institutional players like BitMine continue to buy ETH en masse.
What do you think?
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