Ethereum ($ETH) is trading around $2,850 after a failed attempt to reclaim the $3,000 level. The asset is down almost 5% over the past 24 hours and nearly 4% over the last week.
$ETH Mirrors 2024 Structure, $4K in Sight?
Analyst Heisenberg shared a chart that compares the current $ETH move to a similar setup seen in 2024. Back then, it fell 47%, moved sideways for about 92 days, and then rallied 47%—topping near $4,000. The current chart shows the same 47% drop, followed by a 33% bounce, and now entering another period of consolidation.
Heisenberg said the base could last until February 21, 2026, if it follows the same timeline. A similar move would put $4,000 back in focus. RSI is also starting to strengthen, matching conditions seen ahead of the 2024 rally.
$ETH Tossing the Ethereum bulls a de ja vu bone here.
I mean why not? For fun. Could work. Might not. But we gotta try.
See you back at $4,000. pic.twitter.com/OSn3dCiNvE
— Heisenberg (@Mr_Derivatives) January 29, 2026
Moreover, another chart, shared by Sykodelic, indicates a potential cup-and-handle formation on the monthly timeframe. This pattern began forming after the 2021 peak and has developed over the last four years. Ethereum is now in what looks like the handle phase of the structure.
Sykodelic sees $10,000 as a reasonable minimum target. That would be about twice $ETH’s all-time high of around $4,950. “It makes me laugh when people scoff at a $10K target,” they said, noting that it’s only a 2x move from the previous top. The setup suggests a long-term breakout may be building if the price clears previous highs.
Wedge Formation Could Push Price Higher
Another setup shared by Dami-Defi shows $ETH forming a falling wedge on the 3-day chart. This pattern often leads to an upward breakout when it forms after a decline. $ETH is currently near the top of the wedge and approaching a key decision point.
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Indicators are starting to shift. RSI is moving up from 43, and MACD is flattening out. Both suggest momentum could be changing. “We’re near that breakout point,” Dami-Defi said, adding that traders are waiting for a confirmed move above the wedge to trigger potential upside toward the $3,900–$4,300 range.
We’re seeing is $ETH forming a wedge on the 3D
Right now, we’re near that breakout point, so we’re watching for a decisive move above or below the wedge.
If we break above that upper trendline and hold, you’re looking at a potential upside pic.twitter.com/U39LzqGOIM
— Dami-Defi (@DamiDefi) January 29, 2026
Despite recent price volatility, Ethereum’s network growth continues. As CryptoPotato reported yesterday, the number of non-empty $ETH wallets has surpassed 175.5 million, the highest among all cryptocurrencies. Over 5.1 million wallets were added in 2026 alone, showing steady user participation.
