Ether has quietly recovered to within 7% of its previous high as Bitcoin reaches new highs due to the flight to safe havens caused by the US government shutdown and rapid devaluation of the dollar.
ETH failed to break out of the $4,600 resistance and fell to $4,500 at the time of writing, but analysts say it is still in a range-bound channel, coiled and ready for a breakout.
“Ethereum is experiencing this pattern as if it were straight out of a textbook,” crypto analyst “Mustache” said on Sunday.
He mentioned the year-and-a-half-long downward-expanding wedge, a bullish pattern that typically leads to a major breakout. In this case, the target amount of ETH is $12,000.
#altcoin
One of the most important charts for $ETH, if not the most important.
Ethereum is experiencing this pattern as if it were straight out of a textbook.
Target amount: approximately $12,000.
Can you imagine how altcoins will soar at that time?
You are not strong enough. pic.twitter.com/tzv8MrYeTd
—@
ETH bulls aim for 5 digits
He added that if the price of Ether doubles in the next three months, altcoins will also skyrocket.
Meanwhile, analyst “Mr. Crypto” called it a “textbook bull market setup” with a target of $6,800.
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Web3 influencer “ZYN” said, “ETH is probably one of the best deals in the world,” adding:
“It is at the ATH of 2021, even as institutional adoption, staking approval approaches, and companies are acquiring billions of dollars.”
It is “not unlikely” that Ether prices will double from this level by the end of the fourth quarter.
“Ash Crypto” says to forget about the correlation between Bitcoin and M2 money supply. “If ETH catches up with global M2 supply, it will trade above $15,000 this cycle.”
On Monday morning, Galaxy BTC wrote that “Ethereum’s bull market will likely continue until 2026.”
The longer-term chart shows that it has “successfully retested the ‘V-Bottom’ structure and big triangle from 2021,” and while volatility will likely be high, it is seemingly heading for five-digit ETH.
Bitcoin Maxis throwing stones
Regardless of all the bullish sentiment, Bitcoin maximalist Samson Mo couldn’t resist taking another swipe into Ethereum this weekend.
“The only ones keeping ETH at this level are Korean retail investors,” he said, claiming that “ETH influencers are flying to South Korea just to sell to retail.”
However, there was no evidence to support this claim, and it appeared to be tribalism from Bitcoin Maxis following Andrew Kang’s post claiming that Tom Lee’s ETH paper was “overdue.”
Lee took the tribal attacks in stride, labeling himself a “retard.”
Someone called Tom Lee’s $ETH paper “late”.
He turned it into a brand.
“In #crypto, delay is good…I’m ETHtarded.”
The line was too unstable and I went back to being a genius. pic.twitter.com/v3FjbsMm4s— CryptoPotato official (@Crypto_Potato) October 6, 2025
