A crypto analyst, thescalpingpro” on X, has identified a striking similarity between the current Ethereum (ETH) price structure and the pattern that preceded the cryptocurrency’s meteoric rise in the previous market cycle. Drawing parallels from the 2020 bull run, when Ethereum’s value skyrocketed from around $300 to a peak of $3,900, the analyst suggests that the digital asset may be poised for another substantial surge.
According to the analyst’s chart, the price of Ethereum, which is currently hovering around $3,680, is forming a pattern close to the one that triggered the last 13x spike. This similarity has sparked speculation that history could repeat itself, potentially leading to a significant price appreciation for the second-largest cryptocurrency by market capitalization.
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Key Levels to Watch
Further analysis of the Ethereum chart reveals crucial support and resistance zones that traders should monitor closely. The first major resistance level is identified at approximately $3,870. If the price manages to break through this level, it could potentially surge towards the next resistance level at $4,070. A decisive move above this threshold could pave the way for even higher gains.
However, it’s important to note that the market remains unpredictable, and a bearish scenario cannot be ruled out. If the current support level of around $3,650 fails to hold, the price of Ethereum could potentially retrace to the $3,200 level.
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