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Ethereum Mirrors 2016-2018 Cycle – Will ETH Reach a New ATH Soon?
In the world of cryptocurrencies, few trends are as fascinating as repeating cycles. As we examine the recent price action of Ethereum (ETH), it’s becoming increasingly difficult to ignore the eerie resemblance between its current trajectory and the 2016-2018 cycle.
For those who may have missed this crucial context, the 2016-2018 period witnessed a spectacular surge in ETH’s value, with prices more than quintupling over the course of two years. Fast-forward to today, and we’re witnessing uncanny similarities between then and now.
February, May, and December have historically marked critical turning points, which, if history repeats itself, could set the stage for a colossal rally. In this light, the current price action is not only bearish but also potentially explosive.
Moreover, institutional interest continues to rise, with hedge funds and corporations increasingly accumulating Ethereum. This trend has historically led to massive price appreciation. A convergence of these factors suggests that Ethereum might be on the cusp of a powerful rally.
Further fueling this notion are the network’s key metrics, which suggest growing momentum. In just one week, new addresses have increased by an astonishing 12.1%. The historical correlation between this metric and subsequent price action is undeniable.
As we gaze into the crystal ball, it’s hard to ignore the potential for a significant upward movement. Short-term indicators point toward resistance forming around $2,850-$2,900. A break above this level could pave the way for prices to breach the $3,000 threshold and potentially even higher.
For now, Ethereum is poised to break free from its current consolidation phase and embark on an unprecedented rally, mirroring the 2016-2018 cycle with uncanny precision.
The post Ethereum Mirrors 2016-2018 Cycle – Will ETH Reach a New ATH Soon? appeared first on Cryptocurrency Writer.
Source: https://cryptonewsland.com/ethereum-mirrors-2016-2018-cycle/
