The price action of Ethereum is similar to that of 2016 and 2017, which indicates another significant rally.
The spike in 24-hour trading volume by 88.5% from the previous day marks the end of investor slack and a possible rise.
Analysts have set a price of $10,000 as a target, and technical charts have also consolidated to back a long-term bullish trend.
In what could mark the beginning of Ethereum's next major breakout, market analysts are drawing striking parallels between the current price action and the explosive rally of 2016–2017. As Ethereum ($ETH) is trading at $2,456, there is increasing optimism among investors that a rally is on the cards, and there is a chance that the much-hyped and awaited figure of $10,000 could be hit.
The volume of trade has increased by almost 90% over 24 hours, which supports the trend of the second-largest cryptocurrency by market capitalization. With bullish sentiment translated onto the technical charts, people will now turn their attention to the ability of ETH to recreate history and launch a second round of a parabolic move.
According to Kamran Asghar, Ethereum ($ETH) appears to be mirroring its historic 2016–2017 market structure, a pattern that preceded an explosive rally. In a chart analysis of a comparative panel, the panel on the left shows how ETH consolidated and dropped into a dip that it broke out of massively in the years 2016-2017, raising the asset value from less than 10 up to more than 300.
The right panel is aligned with the current 2024-2025 structure, with a total appearance of resemblance all around, indicating that ETH may be at a similar period of price repression before a possible eruption. The yellow and red boxes point out very similar characteristics of the consolidation and shakeout processes in both cycles.
The technical outlook indicates that ETH is at the edge of a parabolic move, which can be a repeat of its exponential rally in the past. Although such historical parallels are convincing, they are rather hypothetical and depend on the general market situation and macroeconomic activities. However, the chart is riding on a popular belief among cryptocurrency fans that Ethereum is likely to embark on yet another surge higher that may resemble that of 2017, when it reached unimaginable heights.
Market Metrics Flash Bullish as ETH Holds Key Support Levels
As of the time of writing, the data presented by CoinMarketCap, Ethereum ($ETH), is experiencing slight growth and is placed at $2,456.58 with a relative 0.36% gain over the previous 24 hours. A sharp increase was shown earlier in the trading session as the cryptocurrency touched the border of the $2,500 mark before rebounding back into the narrower margin.
Market cap has increased by a winery amount to 296.55 billion, but the trading volume increased greatly by 88.5% to 15.23 billion, meaning that there was increased activity by investors. As the total circulating amount reached 120.71 million ETH, the market is experiencing an observed increase in volatility as the market establishes itself on what to do next, as it is undergoing a wider consolidation process.
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