Ethereum remains one of the most controversial tokens in the present market cycle, considering its status as the second-largest cryptocurrency and largest altcoin by market cap. Notably, several analysts have consistently backed ETH to reach a five-digit price mark this cycle based on varying rationales. Popular analyst Ted Pillows has now shared a new historical perspective that supports this general bullish notion.<\/p>\n
In an X post<\/a> on September 20, Pillows shared a technical analysis of the ETH market, which shows that the altcoin is consolidating just below its 2021 all-time high (ATH), indicating a price behavior that is potentially bullish based on historical data.<\/p>\n Currently trading just below $4,500, Ethereum has been unable to hold decisively above its previous cycle peak of $4,878 set in November 2021. However, the present consolidation mirrors a similar setup from the last bull cycle. In 2021, ETH experienced a sharp 25% correction after retesting the 2017 ATH of $1,400, before resuming its meteoric climb to new highs above $4,800.<\/p>\n In applying this pattern to today\u2019s market, Ted Pillows states a comparable correction would send ETH back toward the $3,700\u2013$3,800 zone. While such a price decline may unsettle short-term traders, the Pillows\u2019 analysis suggests it is a necessary reset before Ethereum can stage a breakout.<\/p>\n Once this corrective phase plays out, the market expert projects Ethereum to embark on a powerful rally to potentially reach $10,000 by early 2026, representing a potential 100% gain from current market levels.<\/p>\n In other news, Ethereum\u2019s decentralized exchange (DEX) activity is surging, with cumulative DEX trading volume surpassing $3.5 trillion, according to data shared by Coin Bureau<\/a>. This milestone underscores Ethereum\u2019s dominance as the backbone of decentralized finance (DeFi), fueling liquidity and trading across the crypto ecosystem.<\/p>\n Despite this achievement, Ethereum\u2019s price has come under pressure in the past week alongside other crypto assets. The prominent is currently trading at $4,470, marking a 4.32% decline in the past 7 days. Meanwhile, daily trading volume is also down by 47.31% and valued at $17.1 billion.<\/p>\nETH DEX Volume Hits $3.5 Trillion<\/strong><\/h2>\n