Ethereum has retraced from its 2026 high above $3,200 and remains about 41% below its all-time peak of $4,950 reached in August 2025, even as traders maintain a bullish stance that a $10,000 price is achievable if a key support level is reclaimed. Analysts cite the Wyckoff method, cycle patterns, and liquidity correlations in signaling a potential path to $10,000–$15,000 for ETH as prices form a technical correction to retest critical supports.
Annie, a crypto analyst, noted that the structure appears complete and could trigger a breakout once the market gains momentum, potentially taking ETH toward $10,000. Coinvo Trading added that ETH is behind the Russell-2000 for the first time in years, and once it catches up, altcoin season could begin. On-chain momentum is underscored by a surge in activity, with daily transactions reaching a record 2.78 million on Jan. 15 and daily active addresses up about 50% over the same period.
Meanwhile, transaction costs have cooled to multi-year lows, with fees under 150 ETH, a level not seen in eight years. Lower fees are seen as a catalyst for longer-term price upside by improving Ethereum’s utility and competitiveness against rival layer-1 chains, especially as smart-contract deployments remain robust. Cypher highlighted that while fees are at all-time lows, deployment activity is at a record high, underscoring a bullish backdrop for ETH this cycle. Taken together, on-chain demand and improving efficiency support a case for ETH testing the $10,000 level in the near term.
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