Ethereum's ETH Signals 25,000% Bull Run Potential

Ethereum’s native token, Ether (ETH), is exhibiting a combination of technical and onchain signals that were previously observed during the early stages of its 2017 bull run, a period that saw gains exceeding 25,000%.

One of the key indicators is the rare monthly Dragonfly Doji candlestick pattern, which has appeared on Ether’s monthly chart. This pattern is characterized by a long lower wick, little to no upper wick, and a close at or near the opening level. It suggests that bulls are regaining control after an extended downtrend. Historically, this pattern preceded significant rallies, including the 2017 bull run where ETH surged from under $6 to over $1,400 within a year. Similar patterns were also observed in 2021 and 2023, leading to gains of over 80% and 145%, respectively. If bulls confirm this signal with a strong May open, particularly above April’s high of around $1,950, Ethereum could be poised for another multimonth rally, potentially starting with a run toward $2,100.

Additionally, Ethereum is currently retesting its long-term parabolic support zone, which has historically acted as a launchpad for new uptrends. This zone has consistently triggered reversals in previous cycles, and its retest in 2025 mirrors the breakout setup seen in early 2017. This cyclical pattern suggests that Ethereum may be on the verge of another explosive rally, similar to its historic performance.

Onchain data further supports this bullish outlook. Ethereum’s MVRV Z-Score, a key metric used to identify market tops and bottoms, has re-entered the historical accumulation zone. This zone has coincided with market bottoms in the past, including late 2018, March 2020, and mid-2022, all of which preceded multimonth to multi-year rallies. The current re-entry into this zone strengthens the argument that ETH may have found its cycle bottom, signaling undervaluation and potential for significant gains.