Ethereum (ETH) is trading around $2,850 after failing to reclaim the $3,000 mark. This represents a drop of roughly 5% within the last 24 hours and about 4% over the past week.

Could ETH Reach $4K?

Analyst Heisenberg has shared a chart correlating the current ETH movements with similar trends observed in 2024. At that time, ETH experienced a 47% decline, followed by sideways trading for approximately 92 days before surging 47%, peaking around $4,000. The current chart mirrors this trend, showing a 47% drop, followed by a 33% bounce, and a new phase of consolidation.

He noted that if the timeline is consistent, this base might persist until February 21, 2026, making a revisit to $4,000 plausible. Additionally, the RSI is beginning to strengthen, reminiscent of preceding conditions that indicated a 2024 rally.

"$ETH is giving the Ethereum bulls that déjà vu feel. It could work, or it may not. But it’s worth the try. Let’s aim for $4,000 again." — Heisenberg @Mr_Derivatives

Moreover, another analyst, Sykodelic, foresees a significant cup-and-handle pattern taking shape over the past four years following the 2021 peak, indicating we might be in the handle phase.

Sykodelic suggested that a target of $10,000 seems reasonable, noting that it’s merely double the previous all-time high of about $4,950. He stated, *“It makes me laugh when people scoff at a $10K goal; that’s just a 2x move from our prior peak.”

Wedge Formation Signals Potential Upside

Another technical setup shared by Dami-Defi reveals that ETH is creating a falling wedge on a 3-day chart, which is typically indicative of a forthcoming upward breakout after a decline. ETH appears to be at the top of this wedge and is nearing a crucial decision point.

Both RSI and MACD indicators suggest a possible momentum shift, with RSI moving upward from 43. Dami-Defi noted, *“We’re at the breakout juncture, and traders are keenly awaiting a confirmed movement above the wedge for potential gains targeting the $3,900–$4,300 area.”

"$ETH is forming a wedge on the 3D chart. We are at that breakout threshold; hence, observing for a decisive movement above or below the wedge is critical." — Dami-Defi @DamiDefi

Despite the recent price fluctuations, Ethereum’s network continues to grow steadily. According to a recent report, the count of non-empty ETH wallets has exceeded 175.5 million, the highest amongst all cryptocurrencies. In 2026, over 5.1 million wallets were added, illustrating robust user engagement.