Crypto market analysts highlight potential signs of Ethereum's strong upward movement, supported by positive technical signals.
Wyckoff Pattern Points to Parabolic Move
Crypto trader Merlijn The Trader shared fresh analysis, noting that Ethereum appears to have cleared the key ‘creek’ and ‘spring’ phases of the classic Wyckoff Accumulation pattern. In Wyckoff theory, the ‘creek’ represents overhead resistance, while the ‘spring’ is a bear trap that wipes out weak hands. Once the asset emerges from the spring with strength, it can enter the ‘liftoff’ phase, marked by aggressive buying and rapid price appreciation.
Other Analysts Weigh In
Crypto GEMs pointed to Ethereum’s setup mirroring its 2024 price action. If this fractal holds, ETH could reclaim the $3,000 zone sooner than skeptics expect. However, not all analysts are on board with the bullish thesis. Trader Carl Moon warned that Ethereum’s four-hour chart reveals a rising wedge, a pattern known for signaling downside risk. Unless ETH breaks decisively upward, Carl sees a possible pullback toward $2,200.
Strong Network Fundamentals for Ethereum
On-chain activity is adding fuel to the narrative. CryptoGoos highlighted that Ethereum’s daily transactions are nearing record highs last seen in 2021. Analyst Crypto Rover noted that active addresses have hit a new all-time high, calling ETH below $3,000 an 'absolute steal'. Ethereum’s liquid staking metrics are equally robust, with 35.5 million ETH locked, indicating long-term investor confidence.
Traders are closely watching key levels for Ethereum. A confirmed break above $3,000 could validate the Wyckoff 'Liftoff' thesis, while failure to hold momentum may open the door to a deeper correction.
