ETH bulls target $9K: Does the data support the lofty price target?

Key Points

1. ETH has surged 50% in two weeks, but remains 23% below its all-time high from November 2021, indicating potential for further growth.

2. Elliott Wave analysis suggests ETH could reach $9,000 by early 2026 if the current third impulsive wave pattern holds and macro conditions remain supportive.

3. ETH appears undervalued relative to Bitcoin, with BTC dominance historically elevated and ETH described as 'under-owned, undervalued, and in catch-up mode.'

4. Over 34 million ETH (28% of total supply) is staked, reducing circulating supply, while exchange balances are at their lowest since 2016, indicating reduced sell-side pressure.

5. Ethereum's network activity shows strong demand, with block gas limits consistently raised and blocks filling immediately, suggesting latent demand and scalability progress.