Is $10K ETH Price on the Table? Key Ethereum Metrics Hint at an Upside Move

Ether’s (ETH) was down 14% from its 2026 high above $3,200 and 41% below its $4,950 all-time high, reached in August 2025. Despite this drawdown, traders remain optimistic about the ETH price rising higher as long as a key support level is reclaimed.

Key takeaways:

Ether traders are bullish on a $10,000 ETH price despite a 41% drawdown from all-time highs. 

Wyckoff method, cycle patterns, and liquidity correlations converge on a $10,000–$15,000 ETH price target. 

Record daily transactions, increasing daily active users and nine-year low transaction fees suggest bullish onchain momentum.

ETH traders are still eyeing $10,000-$15,000 price

Market analysts say ETH price is undergoing a technical correction to retest key support levels before continuing its uptrend.

Technical analysis using the Wyckoff method points to a potential ETH price breakout above the $10,000 mark, according to crypto analyst Annie.

Related: Bitmine’s staked Ether holdings point to $164M in annual staking revenue

“The structure is complete, just waiting for one last breakout,” the analyst said in a recent post on X, adding:

“​​Once the market kicks off, it’ll shoot straight up. $ETH target price is $10,000.”

Fellow analyst Bitcoinsensus shared a similar bullish outlook for ETH, pointing out that a $10,000 ETH price could still be on the table this cycle.

“Looking at previous price performance, we can see that Ethereum has gone through massive upswings,” the analyst said in a Jan. 1 post on X. 

An accompanying chart showed that the ETH/USD pair has “experienced diminishing returns” with each upswing.

“If we apply the same logic, we could see $ETH reach somewhere between $10K and $15K.”

Crypto Caesar, meanwhile, remained optimistic that Ether will hit the $10,000 mark “sooner or later” once the $4,500-$5,000 monthly resistance is broken.

“​​It’s just a matter of time. Onchain season will come back.”

As Cointelegraph reported, a recurring pattern linking the global liquidity and the Russell 2000 index hints at a potential 226% ETH price breakout. Such a move from the current level places Ether’s price target at $9,500.

“ETH is behind the Russell-2000 for the first time in years,” said Coinvo Trading in a Monday X post, adding: 

“Once ETH catches up, altcoin season begins.”

Ethereum transaction fees hit 9-year lows

Multiple onchain factors support Ether’s upside, including high network activity and strong support below.

Ethereum has also seen an influx of new users with daily transactions hitting a record high of 2.78 million on Jan. 15.

This has seen the daily transaction count increase by about 20% over the last month. The number of daily active addresses has jumped 50% over the same period, reflecting high onchain demand.

Meanwhile, daily transaction fees have dropped significantly over the last 30 days, hitting eight-year lows below 150 ETH ($435,000) on Tuesday, according to data from Glassnode.

Lower transaction fees are a long-term bullish catalyst for price as it enhances Ethereum’s utility and competitiveness against rival layer-1 chains, while attracting more users.

“Ethereum tx fees are at all-time lows right now, but smart contract deployments just hit a record high,” Cypher said in a recent X analysis.

Such a combination usually means developers are shipping while builders remain active, Cypher explained, adding:

“Quietly one of the most bullish backdrops for $ETH right now.”

🚨 NOW: Ethereum transaction fees hit all-time lows while contract deployments reach record high, per Token Terminal. pic.twitter.com/Dc853JT19r

— Cointelegraph (@Cointelegraph) January 23, 2026