As Ethereum’s price rebounds from the 61.8% Fibonacci retracement level in September, its trajectory bears a striking resemblance to the 2023 market rally. This pattern has some analysts eyeing a potential surge to the $10,000 psychological level in the coming bull cycle.

Julien Bittel, CFA, recently shared an optimistic outlook for ETH based on parallels to its 2023 price action. His chart suggests Ethereum could test the $7,000 to $10,000 range by early 2025, mirroring the exponential growth of previous cycles. If this trend continues, ETH may surpass its current all-time high of $4,891.

On-chain data reveals large holders are actively accumulating Ethereum. The supply held by top addresses has grown to 44.1% since March 2024, indicating confidence in future growth. Meanwhile, ETH supply on exchanges has declined to 10.1 million coins, reducing the risk of major corrections.

However, the Ethereum Foundation’s ongoing sales could introduce some near-term volatility. In 2024, the Foundation has sold 3,766 ETH for 10.46 million DAI via CoWSwap, averaging $2,777 per ETH. September alone saw sales of 1,250 ETH worth approximately $3.06 million.

Technically, Ethereum faces resistance at the 50-day EMA after rebounding 26% from $2,150 to $2,723 in recent weeks. A rejection here could see ETH retest support at $2,100 – the 61.8% Fibonacci level. This zone is reinforced by an ascending trendline intact since June 2022, historically spurring significant rallies.

While short-term volatility is possible, the combination of whale accumulation, decreasing exchange supply, and technical support around $2,100 paints a bullish longer-term picture for Ethereum. Traders should watch this key support level for potential buying opportunities if tested.