Ethereum trades near $2,950 as charts mirror 2024 patterns, with analysts watching a possible move to $4K and a longer-term $10K target.
Ethereum (ETH) is trading around $2,850 after a failed attempt to reclaim the $3,000 level. The asset is down almost 5% over the past 24 hours and nearly 4% over the last week.
Analyst Heisenberg shared a chart that compares the current ETH move to a similar setup seen in 2024. Back then, it fell 47%, moved sideways for about 92 days, and then rallied 47% — topping near $4,000. The current chart shows the same 47% drop, followed by a 33% bounce, and now entering another period of consolidation.
Heisenberg said the base could last until February 21, 2026, if it follows the same timeline. A similar move would put $4,000 back in focus. RSI is also starting to strengthen, matching conditions seen ahead of the 2024 rally.
Moreover, another chart, shared by Sykodelic, indicates a potential cup-and-handle formation on the monthly timeframe. This pattern began forming after the 2021 peak and has developed over the last four years. Ethereum is now in what looks like the handle phase of the structure.
Sykodelic sees $10,000 as a reasonable minimum target. That would be about twice ETH’s all-time high of around $4,950. “It makes me laugh when people scoff at a $10K target,” they said, noting that it’s only a 2x move from the previous top. The setup suggests a long-term breakout may be building if the price clears previous highs.
Another setup shared by Dami-Defi shows ETH forming a falling wedge on the 3-day chart. This pattern often leads to an upward breakout when it forms after a decline. ETH is currently near the top of the wedge and approaching a key decision point.
Indicators are starting to shift. RSI is moving up from 43, and MACD is flattening out. Both suggest momentum could be changing. “We’re near that breakout point,” Dami-Defi said, adding that traders are waiting for a confirmed move above the wedge to trigger potential upside toward the $3,900-$4,300 range.
Despite recent price volatility, Ethereum’s network growth continues. As CryptoPotato reported yesterday, the number of non-empty ETH wallets has surpassed 175.5 million, the highest among all cryptocurrencies. Over 5.1 million wallets were added in 2026 alone, showing steady user participation.
