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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.
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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.