Ethereum Breaks $3,800 Amid 45% Surge – $10K Predicted

• Ethereum surged past $3,800, its highest price since December 2021, capping a 45.48% monthly rally.
• Analysts forecast a potential climb to $10,000 as altcoin momentum builds.

Ethereum (ETH) crossed the $3,800 threshold for the first time since December 2021, pushed by a remarkable 45.48% monthly gain that boosted its market capitalization beyond $450 billion. This rally has reignited enthusiasm in the cryptocurrency market, signaling a pivotal moment for altcoins. Consequently, the Altcoin Season Index reflects this shift, rising sharply from 29 to 74 in just one week.

On March 4, 2024, CoinDesk reported that Ethereum decisively broke the $3,800 resistance level, following a steady climb to $3,600 earlier in the week. The cryptocurrency now boasts a market capitalization of approximately $450.9 billion, and this upward momentum aligns with a broader bullish trend across altcoins, whose collective market cap has reached $1.15 trillion. As a result, analysts say Ethereum’s surge is acting as a catalyst for renewed investor interest in altcoins, signaling a shift in focus from Bitcoin to other digital assets.

Technical analyst Gert Van Lagen predicts Ethereum could ascend to $10,000 within the current bullish cycle, citing Elliott Wave theory—a framework that charts price movements in five-wave sequences reflecting investor psychology and market trends. According to Van Lagen, Ethereum is now in the fifth and final wave of a long-term cycle that began in 2022. He notes that while this stage typically includes pullbacks, it ultimately produces aggressive price growth, and he identifies the recent breakout past $3,800 as the first subwave of this final rally.

Other analysts share a similarly bullish outlook and are closely watching Ethereum’s approach to the $4,000 psychological level. They view this milestone as both a pivotal short-term target and a potential gateway for further gains.

According to CoinMarketCap, Ethereum (ETH) was trading at $3,758.81 as of 15:09 UTC on March 4, marking a 6.06% increase over the previous 24 hours.