According to Cointelegraph, Ethereum's native token, Ether (ETH), is showing technical and on-chain signals that resemble its early 2017 bull run, which saw over 25,000% gains. A key indicator is the Dragonfly Doji candlestick on its monthly chart, suggesting a potential bullish reversal. This pattern, which previously preceded significant price increases, reappeared in 2021 and 2023.
Additionally, Ethereum is retesting a long-term parabolic support zone that has historically led to uptrends. Analyst Merlijn the Trader points out that this retest could signal another breakout, similar to the start of the 2017 rally.
On-chain data further supports a bullish outlook, as Ethereum's MVRV Z-Score has recently entered a historical accumulation zone, indicating ETH could have reached its cycle bottom. Past instances of this metric dipping into the accumulation zone have often coincided with market bottoms followed by price rallies.
It’s important to note that this analysis does not constitute investment advice, and individuals should conduct their own research before making financial decisions.
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