Ethereum Forms Wyckoff Breakout Setup: $10,000 Price Target in Focus

Crypto analyst Merlijn The Trader has presented a technical analysis of Ethereum's price action, identifying it as an example of Wyckoff accumulation on the 2-day candlestick chart. Ethereum is currently in a consolidation phase, trading between $3,050 and $3,400, indicative of the Wyckoff accumulation schematic.

Key Points of Wyckoff Accumulation for Ethereum

Ethereum's price recently dipped below $1,500, marking a "spring" according to Wyckoff's model. It then rallied to a selling climax (SC) at $4,946.
The current trading range has been defined by an initial selling climax and automatic downtrend reaction.
Ethereum is moving through Phase D of the Wyckoff structure, with signs pointing towards a breakout zone.

Phase E Projection

If the Wyckoff roadmap unfolds correctly, Ethereum could enter Phase E, leading to a sustained markup.
A sharp upside expansion is projected once resistance is cleared, with potential long-term targets above $10,000.
Expectations include reaching new all-time highs, a rejection around $5,000, and subsequent consolidation near $3,750.
Holding above $3,750 during a pullback would confirm strength for further expansion.

Images and charts were used to illustrate these projections.