Why Today’s Ethereum Price Surge Has Analysts Pointing to the Past

Ethereum’s price chart is showing a striking similarity to its 2021 market structure, leading some analysts to believe history may be about to repeat with a major price surge later this year. Analyst Gordon (@AltcoinGordon) was among the first to highlight the repeating pattern, pointing to a setup that preceded a massive bull run three years ago.

Is Ethereum Repeating Its 2021 Price Pattern?

The analysis centers on a specific sequence: a “Dead Cat Bounce” followed by a “Final Retest” of a key support level. In 2021, Ethereum went through this exact pattern when it retested support near $250.

After holding that level, ETH began an explosive rally that pushed it past $4,000 by the year’s end. Gordon’s current chart analysis suggests a similar dynamic is now in play, with Ethereum retesting a major support zone around the $2,000 mark.

Related: Is Ethereum Below $2,400 a “Steal”? Analyst Predicts Surge Toward All-Time High

Analyst Highlights Moving Average Crossovers

Further insight comes from crypto analyst Cipher X, who points to Ethereum’s daily chart showing key moving averages. Cipher X notes that the 50-day exponential moving average (EMA) is nearing a crossover with the 200-day EMA, a technical event closely watched for trend signals.

While a 50-day EMA crossing below the 200-day EMA often signals bearish momentum, Cipher X observes that Ethereum’s recent price action varies from regular patterns seen in Bitcoin. For instance, after golden crosses in 2024, ETH posted gains of approximately 35% within four weeks, including a rally above $4,000 in early 2024.

Related: Here’s Why Ethereum’s Price Keeps Hitting a Wall, According to the Data

Market Data Indicates Renewed Activity

Current market data supports a cautiously optimistic outlook. As of press time, Ethereum was trading at $2,491.92, up by 2.46% on the day. Market capitalization increased by 2.49% to $300.82 billion, while 24-hour trading volume surged 17.24% to $19.78 billion.

Additionally, technical momentum indicators show that the Relative Strength Index (RSI) currently stands at 50.54, above the neutral midpoint of 50, indicating a balance between buying and selling pressure. The RSI’s recent rebound from oversold levels near 30 signals renewed demand in the market.

Source: TradingView

Meanwhile, the Moving Average Convergence Divergence (MACD) remains negative but shows declining bearish momentum. Cipher X highlights that the narrowing MACD histogram red bars may signal an impending bullish crossover, which traders typically interpret as a sign of upward price movement.