Ethereum’s Bullish Pattern Mirrors Bitcoin’s Past Rally

The Ethereum chart reveals a bullish pattern reminiscent of the one that preceded Bitcoin’s rally last November, according to CoinDesk analyst Omkar Godbole.

The three-line break chart, which filters out daily noise and irregular price movements, indicates that an eight-month correction period in the cryptocurrency has concluded.

The expert believes the pattern signals the start of a broad upward trend for Ethereum from the October 2023 lows near $1500.

Such breakouts often trigger cascading price increases, attracting new buyers and pushing sellers out of the market, Godbole explained.

A similar pattern for Bitcoin in mid-October led to a return to levels around $73,000. Since then, the digital gold’s price has risen by about 45%, reaching approximately $96,000.

The analyst noted that the technical bullish signal in Ethereum is supported by fundamental factors.

In November, there was a sharp increase in the number of BLOB objects placed on the network by L2 protocols. The rise in activity boosts the volume of fees, part of which are burned, removing coins from circulation.

Godbole also highlighted institutional interest in the second-largest cryptocurrency by market capitalization. On November 29, nine spot ETH-ETFs in the US recorded a net inflow of $332.9 million, a record since the launch of the products in July.

Earlier, Block Scholes and Bybit Analytics predicted Ethereum would rise above $4000 before Donald Trump’s inauguration on January 20.

An analyst known as VentureFounder identified a pattern on the cryptocurrency chart indicating a potential rise to $7238 in the first quarter of 2025.