Ethereum Shows Potential for Rally Toward $4,200 Amid On-Chain Accumulation and Historical Pattern Alignment

Key Points

1. Ethereum's current price action mirrors its 2016–2017 rally cycle, suggesting a possible continuation of the bullish trend toward $4,200.

2. The $3,400–$3,368 zone is identified as critical support, with a breakout above $4,000 potentially triggering further gains.

3. On-chain data shows significant accumulation, with over 1 million ETH withdrawn from exchanges, indicating strong investor confidence.

4. Trading volume remains steady around $20 billion over 24 hours, supporting the bullish momentum.

5. Analysts highlight the strong correlation with Bitcoin, upcoming ETF inflows, and network upgrades as factors that could further fuel Ethereum's upside potential.