Ethereum (ETH-USD) currently trades around $2,972, marking a 14% decline from its early 2026 high and a 41% drop from the record peak of $4,950 hit in August 2025. While the price has cooled, market analysts argue that the underlying network data is stronger than ever. They point to record-breaking usage and a rare alignment of global financial signals as evidence that a move toward $10,000 remains a possibility during this market cycle.
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Analyst Annie Identifies Finished Market Structure
Technical analyst Annie argues that the current chart pattern for Ethereum is almost ready for a major shift. She uses the Wyckoff method, a way of looking at how big players accumulate assets, to show that the current sideways movement is a sign of preparation rather than weakness.
“The structure is complete, just waiting for one last breakout. Once the market kicks off, it’ll shoot straight up. $ETH target price is $10,000,” said Annie.
Other analysts like Bitcoinsensus look at “diminishing returns” over past cycles. Even with smaller gains each time, their math still suggests that Ethereum could land somewhere between $10,000 and $15,000 before the current bull run ends.
Ethereum Lags Behind Small-Cap Equity Gains
One of the most interesting signals comes from the stock market. Analysts at Coinvo Trading have noticed that Ethereum is currently “behind” the Russell 2000 (an index of small U.S. companies) for the first time in years. Historically, when global liquidity rises and small-cap stocks break out, Ethereum follows with a massive “catch-up” rally.
If this pattern repeats, Ethereum could see a 226% price breakout. This would move the price from its current levels near $3,000 directly toward the $9,500 range.
Ethereum’s Network Activity Hits Record Milestone
While the price sits still, the actual blockchain is busier than it has ever been. On January 15, 2026, Ethereum hit a record of 2.78 million daily transactions. Daily active users have also jumped by 50% over the last month alone, showing that real people are using the network for payments and apps.
Even more surprising is that these record-high transactions are happening while fees are at their lowest point in nine years. Recent network upgrades like Fusaka have made it much cheaper to use the system. Lower fees make Ethereum more competitive against rivals like Solana (SOL-USD), creating what analysts call a “bullish backdrop” where usage goes up while costs stay down.
At the time of writing, Ethereum is sitting at $2,969.06.
