Ethereum Rockets Past 19% in 24 Hours Amid $4K-$10K Price Target

Prominent trader DonAlt has set his sights on Ethereum's price action, predicting that it could reach $4,000 or as high as $10,000 in the current rally.

This forecast comes after Ethereum surged 19% over the past 24 hours, with DonAlt stating that he expects to sell halfway into the rally as usual. He also anticipates being criticized by bearish analysts and market participants who will call him wrong either way.

Ethereum's breakout from a nine-year downtrend against Bitcoin is seen as a significant development, with OVcrypto noting that this would be one of the most substantial ratio moves in crypto history if confirmed. The Ethereum ETF inflows have also reached near-record levels, with $291.47 million pouring into these funds through August 19.

The derivatives data suggests that traders are rebuilding positions rather than sitting out, with open interest growing by 9.70% to $30.22 billion according to Coinglass. The positioning data reinforces this view, showing that the long/short ratio sits at 1.07 and top traders are sizing up their long bets more aggressively than retail participants.