- Ethereum nears breakout as price tests key resistance trendline formed since November 2021.
- $440M ETH purchase by BlackRock boosts ETF expectations and institutional interest.
- On-chain data shows rising whale accumulation with $88.6M ETH withdrawn from exchanges.
Ethereum is displaying a technical structure similar to Bitcoin’s breakout phase in 2020. After a prolonged downtrend, ETH is nearing a key resistance level. If the price breaks this multi-year trendline, analysts expect strong momentum. At the time of writing, Ethereum was trading at $3,812.
Technical Setup Aligns With Bitcoin’s 2020 Structure
According to an analysis prepared by Ted Pillows, Ethereum’s chart mirrors Bitcoin’s movement from 2018 to 2020. Bitcoin accumulated for over a year, then broke its downtrend and surged to $63,500 by 2021. Ethereum has followed a similar pattern, with accumulation in 2022 and a re-accumulation phase during 2024–2025.
ETH has formed higher lows since late 2024 and is now testing a descending resistance line that has capped previous rallies. This trendline dates back to its all-time high in November 2021. A confirmed breakout above this level may set the stage for a sustained upward move, similar to Bitcoin’s last cycle breakout.
Volume and price compression near the $3,800 level suggest that traders are closely monitoring this zone. According to an observation by Titan of Crypto on X, Ethereum is at a “breakout loading” phase, matching Bitcoin’s previous setup. Chart patterns show ETH bouncing from the lower trendline of an ascending triangle, which is often seen before upward continuation.
Institutional Demand and On-Chain Data Support Uptrend
BlackRock recently purchased $440 million worth of ETH, marking a large institutional inflow. According to data shared by Ash Crypto via X, this move strengthens expectations of a Spot Ethereum ETF.
BlackRock’s involvement also reflects rising interest in Ethereum’s smart contract and tokenization ecosystem. Meanwhile, whale accumulation has increased, with $88.6 million worth of ETH withdrawn from exchanges, according to on-chain trackers.
Layer 2 activity and the recent Dencun upgrade have also contributed to network growth. These factors, combined with technical positioning, have placed Ethereum at a key moment in its current cycle.
