Ethereum’s recent 30% pullback may be setting the stage for one of its biggest rallies yet, according to multiple analysts who see both technical and on-chain evidence of accumulation. Despite last week’s sharp market correction triggered by global trade tensions, large investors appear to be buying the dip, with renewed optimism surrounding ETH’s next move.
Institutional Accumulation Accelerates
Blockchain data revealed that BitMine purchased $104.2 million worth of ETH, roughly 27,256 ETH, from a Kraken hot wallet in the past few hours. The sizable inflow highlights growing institutional confidence in Ethereum’s long-term outlook, even as prices hover near the $3,760 level after dipping below $3,500 earlier.
Ethereum Mirrors 2016–2017 Bull Market Fractal
Trader Merlijn The Trader posted a compelling chart comparison between Ethereum’s 2016–2017 bull run and the current 2024–2025 cycle, suggesting the market may be at a similar pre-rally stage. In the last cycle, Ethereum didn’t just rise, it “rewrote market history,” surging over 1,000% in months. The current fractal shows ETH positioned for a similar parabolic phase if the pattern repeats.
Bull Market Support Band Holding Strong
Analyst Benjamin Cowen echoed the bullish sentiment, noting that ETH has now corrected around 30% and is testing its bull market support band. “I think ETH can now rally to new all-time highs,” Cowen said, sharing a chart projecting a rebound toward $5,000 and beyond.
Sentiment Shifts from Fear to Opportunity
After a week dominated by fear and macro uncertainty, Ethereum’s strong technical foundation and institutional backing suggest growing conviction beneath the surface. If these fractal and support patterns hold, analysts agree, the next Ethereum rally could mark the beginning of a historic leg higher that redefines the 2025 crypto market landscape.