Ethereum is trading near $2,950 as charts show 2024 patterns, with analysts eyeing a possible move to $4K and a long-term target of $10K.
Ethereum (ETH) is trading around $2,850 after a failed attempt to recover the $3,000 level. The stock is down about 5% in the past 24 hours and about 4% over the past week.
ETH Structure Mirrors 2024, $4K in Sight?
Analyst Heisenberg shared a chart comparing the current movement of ETH to the same setup seen in 2024. Back then, it fell 47%, moved sideways for about 92 days, then rallied 47%-high near $4,000. The current chart shows a similar decline of 47%, followed by a jump of 33%, and now entering another consolidation period.
Heisenberg said the foundation could last until February 21, 2026, if it follows the same timeline. The same move would return $4,000 to the focus. The RSI is also starting to strengthen, the same conditions seen before the 2024 rally.
$ETH Dropping Ethereum bulls is de ja vu bone here.
I mean why not? For fun. It can work. He won’t. But we have to try.
See you again at $4,000. pic.twitter.com/OSn3dCiNvE
– Heisenberg (@Mr_Derivatives) January 29, 2026
In addition, another chart, shared by Sykodelic, shows a potential cup and handle formation on a monthly timeframe. This pattern started forming after the 2021 peak and has developed over the past four years. Ethereum is now in what appears to be a structural holding phase.
Sykodelic sees $10,000 as a reasonable minimum goal. That would be almost twice ETH’s potential high of $4,950. “It makes me laugh when people scoff at the $10K goal,” they said, noting that it is only a 2x move from the previous high. The setup suggests that a long-term breakout may be formed if the price clears the previous high.
Wedge Construction Can Increase Price
Another setup shared by Dami-Defi shows ETH forming a falling wedge on the 3-day chart. This pattern usually leads to a higher breakout if it forms after a decline. ETH is currently near the top of the wedge and approaching the critical decision area.
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The indicators are starting to change. The RSI is rising from 43, and the MACD is declining. Both suggest that momentum can change. “We are close to that breaking point,” Dami-Defi said, adding that traders are waiting for a confirmed move above the edge to trigger a possible rise to $3,900–$4,300.
We see that $ETH creating a frame in 3D
Right now, we’re close to that breakout point, so we’re looking for a decisive move above or below the wedge.
If we go through that upper trend line and hold, you’re looking at a potential upside pic.twitter.com/U39LzqGOIM
– Dami-Defi (@DamiDefi) January 29, 2026
Despite recent price fluctuations, the growth of the Ethereum network continues. As CryptoPotato reported yesterday, the number of empty ETH wallets exceeded 175.5 million, the highest of all cryptocurrencies. More than 5.1 million wallets were added in 2026 alone, which shows the consistent participation of users.
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