Ethereum faces a critical juncture as technical analysts present sharply divergent outlooks for the second-largest cryptocurrency. The asset currently hovers around $3,300, with chart patterns suggesting both explosive upside potential and significant downside risk.
According to MerlijnTrader on X, ETH is displaying a textbook Wyckoff accumulation pattern that could catalyze a substantial rally. The trader highlighted key technical phases including the spring, test, and last point of support that have materialized on the charts. If this analysis proves accurate, Ethereum could be positioning for Phase E of the Wyckoff cycle.
Wyckoff Pattern Points to Vertical Markup Phase
The Wyckoff methodology identifies specific accumulation phases that precede major price movements. MerlijnTrader tweeted on X that Ethereum has successfully navigated through the spring phase, where weak holders are shaken out, followed by a test of support levels and the establishment of a last point of support before breakout.
“This Ethereum chart is a Wyckoff masterclass,” MerlijnTrader stated on X. The trader emphasized that if the pattern continues to unfold as expected, ETH is on track for a full Phase E vertical markup with a target exceeding $10,000.
The analysis suggests the market is awakening to Ethereum’s potential after months of consolidation. Phase E in Wyckoff theory represents the markup stage where prices rise sharply as demand overwhelms supply. The blueprint drawn by this technical pattern indicates Ethereum could experience exponential gains if resistance levels are decisively broken.
Bearish Voices Challenge February ATH Timeline
Not all market observers share the bullish sentiment. Ali Charts expressed skepticism on X about near-term price expectations for ETH. The analyst directly challenged widespread predictions of new all-time highs materializing by February.
“Ethereum doesn’t look like new all-time highs by February as many are saying,” Ali Charts tweeted on X. This contrarian view suggests the second-largest cryptocurrency may require more time to build momentum before challenging its previous peak around $4,800.
The divergence in analyst opinions reflects the uncertainty surrounding Ethereum’s immediate trajectory. While some technical indicators point toward accumulation and eventual breakout, others see resistance levels that could delay upward movement for several months.
TedPillows added another layer of caution to the analysis on X, noting that ETH has been trading sideways without clear directional bias. The trader identified $3,400 as a critical threshold that must be reclaimed for bullish continuation.
According to TedPillows on X, until Ethereum breaks above $3,400 with conviction, the probability of retesting the $3,000 support zone remains elevated. This assessment highlights the precarious technical position where failure to reclaim key levels could trigger renewed selling pressure.
The $3,000 to $3,400 range has become a battleground between buyers attempting to push prices higher and sellers defending resistance. A decisive move in either direction could determine whether Ethereum follows the optimistic Wyckoff projection or experiences the pullback warned by more cautious traders.
Market participants now watch these critical price levels closely. The coming weeks will reveal whether Ethereum can maintain support and begin the vertical markup phase or if a retest of lower support awaits.
Key Takeaways
- MerlijnTrader identifies Wyckoff accumulation pattern suggesting ETH targets $10K+ in vertical markup phase
- Ali Charts disputes February all-time high predictions for Ethereum amid technical resistance concerns
- TedPillows warns ETH risks $3,000 retest unless $3,400 resistance level is decisively reclaimed soon
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