Ethereum’s latest price action has drawn strong comparisons to its 2017 bull run, with analysts suggesting a major breakout could be near.
According to Merlijn The Trader, ETH’s current range and structure between 2024–2025 are “moving just like 2017,” with both cycles showing the same consolidation pattern before a vertical rally. “If this fractal plays out,” he wrote, “ETH will melt faces.”
The comparison chart highlights how Ethereum’s current setup mirrors the final accumulation stage before its historic 2017 surge that took ETH from under $20 to over $1,000. The trader believes a similar move could emerge as long as macro support levels hold.
Meanwhile, analyst Lark Davis pointed out that Ethereum has pulled back into a key technical zone. The asset is testing its weekly 20 EMA, which aligns with horizontal support and the 0.382 Fibonacci retracement. “Either this area holds and sends it back up, or we start eyeing the next leg lower toward the 0.618,” Davis explained, calling it a “decision time for ETH.”
With price currently hovering around the $3,700 zone, traders are closely watching whether this level can trigger a rebound, or confirm a deeper correction before Ethereum’s next major leg up.