Ethereum Holds Support, Trader Predicts ETH at $10.000

• Ethereum Holds Support After Correction, Points to Recovery
• ETH futures market indicates stability among traders
• Trader bets on ETH at $10.000 this cycle

Ethereum (ETH) stabilized near the $4.070 level after a 15% pullback in six days, which resulted in the liquidation of $817 million in leveraged long positions. Despite the decline, overall sentiment among traders did not deteriorate significantly.

Monthly ETH futures maintained an annualized premium above 5% throughout the correction, which typically indicates confidence among institutional participants. Still, optimism hasn't returned to pre-correction levels, even after ETH doubled in price between early July and mid-August.

Part of the market's caution can be explained by macroeconomic uncertainties. Inflation in the US remains above the Federal Reserve's target, while economic performance shows mixed signals. The Nasdaq Composite Index has accumulated losses in two consecutive sessions, reflecting concerns about potential overvaluation of technology stocks, especially those linked to artificial intelligence.

Furthermore, investors were cautious ahead of Federal Reserve Chairman Jerome Powell's statement. BMO Private Wealth strategist Carol Schleif stated, "If Powell's language is more aggressive, it could further pressure tech stocks." Weak results from retailer Target also added to market pressure.

Despite the uncertain context, the trader known as Ted (@TedPillows) expressed strong conviction in ETH's potential for appreciation this cycle. In his assessment: "$ETH will hit $10.000 this cycle. If you don't believe me or don't understand, I don't have time to try to convince you, sorry." The statement resonated on social media, reinforcing expectations that Ethereum could still reach new heights.

In ETH options, the data shows balance, with the skew index at 4%, revealing a similar distribution between calls and puts. The lack of more aggressive bets, even after ETH touched $4.700, raises doubts about the market's appetite for a new high in the short term.

Still, the combination of technical support, onchain data, and optimistic analyst statements reinforces the view that Ethereum could resume its upward trajectory in the coming moves.