Ethereum Surges to $4,092 Amid $20K Bullish Targets

• Ethereum reaches highest price since December 2021.
• Analysts project bullish targets as high as $20,000.

This week, Ethereum (ETH) surged past $4,330, marking its highest price since December 2021. This milestone ignited bullish projections, with analysts highlighting technical targets as high as $20,000.

On August 10, Cointelegraph reported that Ethereum shows signs of entering a "markup" phase based on the Wyckoff Accumulation model. This pattern signals a transition from prolonged selling pressure to a breakout. As a result, analysts pinpoint a technical price target of $6,000.

Additionally, Ethereum recently broke out of a multi-year symmetrical triangle, a well-known bullish indicator in technical analysis. Historically, these breakouts lead to significant upward price moves, and reports suggest this formation points to a potential price target of $10,000 in the near future.

Historical price fractals also fuel optimism about Ethereum's trajectory. Analysts noted repeated patterns where sharp rallies follow support-level retests. These fractals imply a minimum climb to $10,000. Some projections even reach as high as $20,000 within the next two years. Prominent analyst Jelle cited a multiyear rising channel to further justify the $20,000 prediction.

However, these targets rely on technical analysis and historical behaviors, which have inherent uncertainties. Investors should conduct their own research and weigh the risks before making any trading decisions.

According to CoinMarketCap on August 10, Ethereum (ETH) was trading at $4,218.89 as of 15:58 UTC.