Ethereum (ETH) is trading near a critical level that analysts say could determine its next major move.
Meanwhile, the asset was priced at around $4,350, with a 24-hour volume of over $41 billion. It has recorded a 2% decline in the past day and a 3% drop over the last week.
Wyckoff Structure Signals Breakout Potential
Technical analyst ZYN has identified a Wyckoff accumulation pattern on Ethereum’s weekly chart. According to the structure, ETH has already passed through the earlier phases and is now sitting in what is referred to as the final stage. A clean “spring” and “test” below $2,500 formed earlier this year. Since then, ETH has climbed back toward a key resistance level at $4,750.
$ETH Wyckoff accumulation is in its final phase.
Ethereum just needs a weekly close above $4,750 and a new rally will start.
My target is $8K by Q4 end and $10K by cycle top. pic.twitter.com/P1rIbC2gdt
— ZYN (@Zynweb3) October 9, 2025
The analyst projected a target of $8,000 by the end of Q4 and $10,000 later in the market cycle. In this setup, previous resistance levels at $3,880 and $4,100 are now acting as support.
Breakout from Falling Wedge Supports Bullish View
Trader Tardigrade noted a breakout from a falling wedge on the ETH weekly chart. The wedge formed after Ethereum’s strong move earlier in the year, showing a series of lower highs and lower lows. ETH has since broken out above the upper boundary of the pattern near $4,100.
Notably, this kind of breakout often leads to upward continuation. The chart shows a projected move toward $6,500 to $7,000 if current momentum holds. ETH has respected the $4,100 level as support, which had previously acted as resistance.
Cost Basis for Active Traders Nears Price
On-chain data from CryptoQuant contributor Crazzyblockk shows ETH approaching the $4,280 “realized price” for highly active addresses. These wallets, which have made more than 100 transactions in the last 30 days, represent a group of short-term participants. This cost basis is viewed as a potential pivot point.
Crazzyblockk explained,
“This is a critical level to watch as it represents the average acquisition price.”
If ETH rises above this zone, it may signal continued accumulation from this group. A failure to hold could lead to increased near-term selling.
Institutions Continue to Accumulate
Ash Crypto highlighted market behavior tied to large-scale accumulation. He noted that ETH has returned to early October levels, while BlackRock’s ETHA fund has purchased $1.4 billion in ETH during that period. He also pointed to ongoing liquidity activity and suggested that large holders remain active buyers.
He identified $4,240 as a short-term support level and $5,000 as immediate resistance. A move through $5,000 could open the way for a quick push toward $6,000, based on current order book dynamics.
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