Ethereum (ETH) Setup Hints at $10K Move If This Key Support Holds

Ethereum is trading around $2,900, with a 24-hour volume above $22 billion, based on data from CoinGecko. The asset has dropped about 6% over the past week but is slightly up over the last day.

Market attention is now on whether it can hold its recent support and continue higher.

Ethereum Holds $2,622 Support After Bounce

ETH recently bounced from the $2,600 level, which marks the 0.5 Fibonacci retracement from its previous major move, as per analyst Crypto Patel. That line now acts as a strong support and also overlaps with a filled fair value gap, giving it added technical weight. The price has since moved above $2,900, staying well above the support zone.

Crypto Patel noted that if this structure holds, there is room for Ethereum to target new highs. However, if the asset breaks below $2,620, he suggests the market could drop toward the $2,256–$1,821 range before any larger rally begins. He wrote,

Moreover, Ethereum faced rejection near the $2,950–$3,000 zone, according to market analyst Ted. He stated,

This price area remains a key resistance level and has rejected multiple breakout attempts over the past month. Ted added that a clean break above $3,000, with strong volume, could open the door for a move toward $3,400. Some analysts are watching this zone, as it played a key role in the previous cycle.

Meanwhile, a drop to around $2,800 has brought ETH back to an area seen by some as a potential entry zone. Analysts see a path toward $9,000–$10,000 if the current structure stays intact.

MVRV Z-Score Near Buy-Level Range

The MVRV Z-Score, which compares ETH’s market value to its realized value, is currently at 0.29. In past cycles, values below zero have marked some of the best long-term entry points.

Ali Martinez noted that since 2016, each time the MVRV Z-Score fell below zero, Ethereum entered an accumulation phase followed by a price recovery. This pattern appeared in late 2018, early 2020, mid-2022, and early 2023. Although the score hasn’t dropped below zero yet, it is approaching a range where long-term buyers have previously entered the market.

The post Ethereum (ETH) Setup Hints at $10K Move If This Key Support Holds appeared first on CryptoPotato.