Ethereum’s Liftoff: ETH Soars or Dives? 🚀📉

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So, Ethereum (ETH) is up 4.2% over the past seven days, trading in the mid-$2,500 range at the time of writing. I mean, it’s like the digital asset is trying to play it cool, but it’s still down 19% on a year-over-year (YoY) basis. But hey, some analysts are saying it’s ready for a liftoff. 🚀

Ethereum Enters Wyckoff ‘Liftoff’ Phase

In an X post published today, crypto trader Merlijn The Trader noted that Ethereum appears to be following the Wyckoff Accumulation pattern and has successfully cleared both the ‘creek’ and ‘spring’ phases, potentially entering the ‘liftoff’ phase characterized by parabolic price action. It’s like Ethereum is finally getting its act together, or at least that’s what the chart says. 📈

In the Wyckoff accumulation pattern, the ‘creek’ represents overhead resistance where price struggles to break higher, while the ‘spring’ is a false breakdown below support, meant to trap bears and confirm strong hands. The ‘liftoff’ phase follows the spring, marked by a sharp recovery and breakout above resistance, signaling the start of a new bullish trend. It’s like Ethereum is finally ready to take off, but we’ve all been burned before, right? 😅

The analyst shared the following Ethereum daily chart, which shows the cryptocurrency on the verge of a potential breakout, with its next major resistance at the $3,700 level. A successful breakout and retest of this level could set the stage for a new all-time high (ATH). But let’s not get too excited yet, shall we? 🤞

Fellow crypto analyst Crypto GEMs also pointed toward Ethereum getting ready for a significant move to the upside. The analyst shared the following chart which compares ETH’s price action in 2025 to that in 2024. If Ethereum mirrors its 2024 performance, it could break above the $3,000 mark in the near term. But, you know, we’ve all been here before. 🕵️‍♀️

However, not all analysts share this bullish outlook. For instance, noted crypto analyst Carl Moon shared a four-hour Ethereum chart showing the asset trading within a rising wedge pattern. He cautioned that unless ETH breaks out of this formation, it may face a drop to $2,200. It’s like Ethereum is playing a game of Jenga, and we’re all waiting to see if it’s going to hold up or come crashing down. 🪜

To explain, a rising wedge pattern is a bearish chart formation where price moves upward within converging trendlines, indicating weakening bullish momentum. It often signals an upcoming breakdown, as buyers lose control and sellers push the price lower after the wedge is breached. So, it’s like Ethereum is on a tightrope, and we’re all holding our breath. 🧘‍♀️

ETH Network Sees Renewed Activity

In a separate X post, crypto analyst CryptoGoos remarked that daily transactions on Ethereum are nearing ATH level for the first time since 2021. Typically, heightened network activity tends to precede major price movements. It’s like the network is getting a second wind, and we’re all hoping it’s a good one. 🌬️

Analyst Crypto Rover echoed this view, noting that active addresses across the Ethereum network have hit a new all-time high. They added that ETH below $3,000 is “an absolute steal.” It’s like they’re saying, “Hey, if you’re not in yet, now’s the time to jump on the bandwagon!” 🚗

Meanwhile, Ethereum liquid staking is also inching toward historic levels, with 35.5 million ETH now locked. At press time, ETH trades at $2,522, down 3.8% in the past 24 hours. So, it’s a rollercoaster, but isn’t that what makes it exciting? 🎢

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2025-07-05 06:06