Ether it started showing signs life again after weeks of subdued price action, but one analyst believes the current move is just that the beginning of something much bigger. This inclination is based on a technical setup built around a hidden zone of inefficiency after Ethereum’s price recently surpassed $4,500.

Technical analysis shows that the unfilled gap could be the first starting point for a recovery that will ultimately push the price of ETH to a five-digit amount above $10,000.

The FVG zone now works like a magnet

Technical analysis by cryptocurrency analyst Crypto Patel marked the path to where Ethereum price goes from here. However, the most crucial part of the analysis is the fair value gap zone (FVG), which may trigger another alternative season. This FVG, which is priced between $2,475 and $2,634, was created during Ethereum’s crash earlier in the year, leaving behind an imbalance that the price has yet to recover to.

In technical analysis, these inefficiencies and gaps tend to act like a magnet, especially when the price starts to boost with momentum. Ethereum is expected will try to fill this zone before any solemn refusal.

Ethereum’s recent rebound above $2,300 and push it all the way to $2,415 puts it in close proximity to FVG, and there it is now a high probability that it may fill it and reach $2,634 in the coming days.

Ethereum price chart. Source: @CryptoPatel on X

The road to $10,000

The entire bullish argument is based on the strength of the support zone at $1,750. This level was maintained during the last sell-off and formed the basis for the current recovery. Ethereum now looks like it is slowly gaining in value, a the following structure is planned in three separate layers. The first is to recover FVG.

The second layer is a bearish block of orders between $2,900 and $3,035. This is where a significant sell-off took place in early February, turning the symmetrical triangle support into resistance. A tidy break above this order block would invalidate the lower high seen in the chart above and develop into a broader uptrend. According to the analyst, this is a level that could confirm the beginning of a broader altcoin rally, and not just a recovery on Ethereum.

However, a failure at this level keeps the current structure intact. The worst-case scenario is a rejection at $3,035, which brings the ETH price back to between $2,000 and $1,500. This is a reminder that an upside scenario is not guaranteed. However, a confirmed break above $3,035 would change the entire dynamics to bullish, and long-term bullish outlook it will start to make sense. According to Crypto Patel, the long-term price goal for Ethereum in this case is to break above $10,000.

Featured image created with Dall.E, chart from Tradingview.com