### Ethereum’s native token, Ether (ETH), has rallied over 12% since slumping to $2,460 on Feb. 3, following the crypto market’s drawdown.
While many altcoins have faced challenges in achieving a significant recovery, ETH has garnered attention for its optimistic outlook. As sentiment shifts positively towards this leading altcoin, one analyst is confident that ETH is “destined” for a breakout to $10,000 in this market cycle.
### Data Suggests New Ether All-Time Highs Could Be Around The Corner
In a recent post on X, analyst Ted Pillows drew parallels between Ether’s current price movements and Bitcoin’s trajectory during the last bull market cycle, noting a recognizable bullish pattern. He referenced historical data indicating that during the 2015-2017 bull cycle, Bitcoin hit a bear market low of approximately $200-$205. Following a phase of sideways trading and significant volatility, Bitcoin eventually surged in a parabolic rally, reaching $780, which was a new all-time high at that time.
According to Pillows’ analysis, Ethereum appears to be on a similar path, having completed its accumulation phase and recently breaking through persistent resistance levels. Ether has experienced notable volatility recently, further intensified by broader sell-offs in the crypto market that pushed its price below the psychologically significant $3,000 mark.
Bitcoin has seen a remarkable increase of 90.5% over the past year. In contrast, Ether has experienced a slight decline of 6.2% during the same period. While BTC achieved a new all-time high of $108,786 last month, ETH has yet to surpass its previous record of $4,878, set in November 2021.
Still, Pillows highlighted several factors that could support a bullish outlook for the second-largest cryptocurrency.
### Ethereum Eyes $10,000
He pointed to Ethereum’s total value locked (TVL) and its dominance in stablecoin liquidity. As of the latest updates, ETH continues to reign as the king of decentralized finance (DeFi), holding over 52% of the total DeFi market’s TVL. The analyst also underscored the impact of increasing institutional interest and accumulation, suggesting that ETH holders could benefit directly from Ethereum gaining more visibility.
Additionally, he noted that Ether currently enjoys a lower inflation rate compared to Bitcoin and 99% of other altcoins in the market. Given these encouraging factors, Pillows believes that investors and traders should aim high, suggesting that a $5,000 target may be too conservative while advocating for an ambitious $10,000 prediction.
Meanwhile, Ether holders are optimistic that the potential approval of staking integration within spot ETH exchange-traded funds (ETFs), currently under review by the US Securities and Exchange Commission (SEC), could catalyze a return above the $3,000 threshold in the near future.
