- Ethereum’s price structure mirrors its 2016–2017 rally, signaling potential continuation toward $4,200.
- Over 1 million ETH withdrawn from exchanges suggests accumulation and long-term investor confidence.
- RSI near oversold with steady $20B volume supports bullish momentum as ETH holds above $3,400 support.
Ethereum is showing signs of repeating its 2016–2017 cycle structure, with current price movement aligning closely with past market behavior. A visual comparison of the 2024–2026 and 2016–2017 monthly charts shows structural similarity in price patterns. At the time of writing, ETH was trading at $3,558, with analysts tracking key breakout levels for potential continuation.
Price Action Aligns With Previous Cycle Movement
Mister Crypto observed that Ethereum’s recent consolidation and rebound closely resemble its 2016 to 2017 price movement. During that earlier cycle, ETH consolidated before entering a strong upward phase, climbing from below $10 to above $350.
The current structure shows similar phases of accumulation, correction, and renewed momentum. Ethereum recently broke above the $4,000 resistance zone on the 4-hour chart before retracing slightly.
The $3,400–$3,368 area now acts as key support, according to market analyst Michael van de Poppe. He explained this structure fits within a healthy bullish trend. A move above the $4,000 level again could initiate a continuation toward $4,200 and higher.
On-Chain Strength and Institutional Activity Support Price Setup
Over 1 million ETH have been withdrawn from exchanges in the past two weeks, according to on-chain analyst Ali. This shift is often viewed as a sign of long-term holding and market confidence. Exchange balance reductions typically occur during accumulation phases.
Meanwhile, trading volume for ETH/USDT has remained stable, holding around $20 billion over the past 24 hours. RSI indicators are near oversold on the daily chart, signaling potential recovery if demand increases.
CryptoGoos noted, “ETH is in an uptrend now. Nothing stops this train,” referencing the continued higher-high and higher-low formation visible in current price action. Ethereum’s correlation with Bitcoin remains strong, and upcoming ETF inflows and network upgrades could fuel further upside if momentum holds.
