Ethereum May Mirror Bitcoin’s 2020 Setup with Potential Breakout Above $3,700 Resistance

Key Points

1. Ethereum is trading near $3,457, approaching the upper boundary of a multi-year consolidation triangle with resistance at $3,700 and support at $1,400.

2. The pattern mirrors Bitcoin's 2017–2020 setup, which preceded a significant rally, with Ethereum's momentum indicators showing a third bullish crossover similar to Bitcoin's pre-2021 rally.

3. A decisive breakout above $3,700 could target $6,000 to $7,500, while maintaining support above $2,700 and $1,400 is critical for the pattern's validity.

4. The lower support near $1,400 is key for invalidation, and a drop below $2,700 would signal weakness.

5. Ethereum's price behavior and momentum indicators suggest a critical inflection point is imminent, with structural symmetry to Bitcoin's pre-rally phase.