Ethereum (ETH) has crossed back above $3,000 as analysts point to chart patterns resembling the structure that preceded the cryptocurrency's 2017 rally from $56 to more than $1,100.
What Happened: 2017 Pattern Emerges
Analyst Leshka.eth identified similarities between Ethereum's current ETH/BTC chart and its 2015-2018 cycle, noting that the same sequence of accumulation, breakout and retest appears to be forming again.
"$ETH WILL 3X–4X IN THE NEXT 6 MONTHS," Leshka.eth wrote, adding, "I can't believe it myself, but the pattern screams about it."
The analyst also noted being "still generally bearish," acknowledging the possibility of a different outcome. ETH traded near $3,000 at press time, up almost 4% over the past 24 hours.
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Why It Matters: Key Support Holds
Michaël van de Poppe, founder of MN Fund, said Ethereum has nearly reclaimed its losses against Bitcoin (BTC) following last week's drop. "It's almost entirely reclaiming the losses of last week… it's holding a crucial level of support," he said.
Futures data shows open interest has returned to roughly 5 million ETH despite the price remaining 32% below its October peak.
On-chain data indicates non-empty ETH wallets have surpassed 175 million, the highest across all crypto networks. Spot ETH ETFs recorded a net outflow of $63.53 million on Jan. 27.
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