Ethereum Price Breaks 8-Month High, $10K Calls Gain Momentum

Ethereum's price surge to an eight-month high has reignited calls for the altcoin to reach $10,000. The ETH price broke above $2,630 on September 18 and reached its highest level since January.

The move was accompanied by a rise in whale activity, with Santiment reporting a significant increase in large-value transactions. However, this metric alone does not confirm continued upside, as it can also indicate distribution rather than accumulation.

Traders are split between targeting $10,000 and identifying $2,670 as a possible rejection zone. Mister Crypto believes ETH/BTC has broken a nine-year downtrend, with the potential to reach $10,000. However, this view is not universally accepted, and some traders see $2,670 as a bull-trap area.

The Ethereum network remains active, with DefiLlama reporting 599,000 active addresses and a total value locked (TVL) of $52.28 billion. Staking also represents a significant pool of committed ETH, with approximately 35% of the supply staked.