Ethereum’s long-term market structure continues to reflect a repeating pattern seen across its previous cycles.
Market analyst Javon Marks recently highlighted that ETH could be nearing the end of another extended accumulation phase that historically appears before strong upward moves.
A look at the price history of ETH will reveal that the asset has gone through certain stages. For instance, after the 2017 rally, the asset had a major jump, which saw the asset’s price soar high before finally topping with a massive peak in early 2018.
It then dropped drastically, leading to the consolidation phase, which lasted until 2020. After establishing this base, ETH had a strong run and went up by around 4,210%. Ethereum had reached its peak in 2021.
After this peak, there has been a correction and sideways movement as the market stabilized. This long consolidation has also been observed in earlier markets before significant price movements.
Source: X
Also Read: Ethereum Price Prediction 2026-2032: Will ETH Reach $5,000 Soon?
Rising Channel Signals Possible Accumulation Phase
As of now, current chart patterns indicate that Ethereum is currently trading in a rising parallel channel that formed over a long period of time.
A parallel channel is a technical chart pattern that keeps the price movements of a particular asset contained in a channel that is bounded by two trendlines.
One end of this channel is a strong support area, where buyers are present and are driving up the price of Ethereum. The upper end of this channel is a resistance area, where selling pressure slowed down, and short-term tops were recorded.
Ethereum went back to the lower edge of its price channel and bounced back around the $2,000 mark, indicating that there are still buyers supporting this long-term price floor.
Javon Marks stated that if Ethereum is able to break through the price channel’s upper resistance, it can initiate a larger run.
If we analyze this based on past patterns of Ethereum’s cycles, we can see targets reaching up to $5,000, $8,557, and beyond $12,000 as long as it holds above the price channel’s support and continues to make higher lows.
Record Network Activity Despite Ethereum Price Decline
While prices are still nowhere near their old highs, data from the network shows strong levels of activity on Ethereum. CryptoQuant shared data on March 10 showing that several key metrics have reached new record highs.
Source: CryptoQuant
The number of active addresses, transactional transfers, and smart contracts all show an increase in use above and beyond what was seen at the market high in 2021.
Despite all of this, Ethereum’s price is still over 50% lower than it was at previous levels. The reason for this is that money is leaving the market.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum Price Slides as Vitalik Buterin Dumps Another $3.67M in ETH
