- Ethereum may explode after four years of silent accumulation, an analyst claims.
- The analyst believes ETH trading above $2,400 could signal the start of a major bull cycle.
- Merlijn’s chart hints at a massive breakout brewing for Ethereum’s next move.
Ethereum is showing signs of waking up after a long and quiet period. A new analysis from Merlijn The Trader suggests that ETH might be on the edge of a powerful move.
He is of the opinion that Ethereum has been in a consolidation phase in the last four years. The price did not excite much during this period, and it moved mostly horizontally. This is described by traders as a charging-up period. It is that period when there is accumulation, followed by a major move.
The Silent Ethereum Accumulation Can Be Coming to an End
Ethereum began an aggressive rally in 2020. It saw the price go up by 54 times in a short period in that time. Then, instead of maintaining such a powerful course, the ETH price calmed down to a more moderate zone.
Many traders lost patience and gave up. Others quietly accumulated more coins, waiting for the next big move. Only a few stayed focused through this waiting game.
Source: X
Also Read | REX-Osprey Nears Launch of Solana and Ethereum Staking ETFs With SEC Approval
The chart shows that this period of consolidation might now be over. According to Merlijn, this is not just a normal breakout. He describes it as the start of something much bigger. The new green zone on the chart hints at the potential for a strong upward rally. However, the exact target for this next move is still unclear.
A Repeat of History Could Lead to A Massive Bull Run
Ethereum’s price is now trading above $2,400. Investors suggest that if this breakout plays out, it is a sign that a new bull cycle may have started. In case ETH produces the same move like the 54X run, the price may attain unforeseen peaks.
The excitement is growing as more traders notice this setup. Old patterns suggest that big moves often come after long periods of low activity. Merlijn’s analysis calls attention to the patience needed in crypto investing.
Also Read | Ethereum (ETH) Locked Tight: 35M Coins Staked As Liquidity Falls To Post-Merge Lows
