Why is Analysts pointing to the past as Ethereum prices surge today?

Ethereum's price list shows a striking similarity to the market structure in 2021, with some analysts believing that history is about to repeat with a massive price surge later this year. Analyst Gordon (@Altcoingordon) was one of the first to highlight a repetitive pattern, referring to a set-up that had a massive bull run three years ago.

Is Ethereum repeating its 2021 price pattern?

The analysis is focused on a particular sequence. “Dead Cat Bounce” is followed by a “final retest” of the main support level. In 2021, Ethereum experienced this exact pattern when retesting support for nearly $250.

After retaining that level, ETH began an explosive rally, pushing over $4,000 by the end of the year. Gordon's current chart analysis suggests that similar dynamics are currently being played, with Ethereum retesting its $2,000 main support zone.

Related: Is Ethereum below $2,400? Analysts predict a surge towards an all-time high

Analysts highlight moving average crossover

More insight comes from Crypto analyst Cipher X. CipherX points to Ethereum's daily charts showing key moving averages. Cipher X points out that the 50-day exponential moving average (EMA) is approaching a crossover with the 200-day EMA.

While 50 days of EMA, below the 200-day EMA often shows bearish momentum, Cipher X observes that Ethereum's recent price action differs from the regular patterns seen in Bitcoin. For example, after the 2024 Golden Cross, ETH recorded a profit of about 35% within four weeks, including gatherings over $4,000 in early 2024.

Related: According to the data, here are the reasons why Ethereum prices continue to hit the wall

Source: x

Market data shows updated activities

Current market data supports a careful, optimistic outlook. As of press time, Ethereum was trading at $2,491.92, up 2.46% that day. Market capitalization rose 2.49% to $3008.2 billion, and 24-hour trading volume rose 17.24% to $197.8 billion.

Furthermore, the technical momentum index shows that the relative strength index (RSI) is currently 50.54 at 50.54 from the neutral midpoint 50, indicating the balance of trading pressure. RSI's recent rebounds from overselling levels near 30 signals have renewed demand in the market.

sauce: TradingView

Meanwhile, moving average convergence divergence (MACD) remains negative, but indicates a decrease in bearish momentum. Cipher X highlights that narrowing the red bars in the MACD histogram could indicate an impending bullish crossover.