Ethereum Nears $2,200 Resistance, Analysts Predict 80% Gain

Ethereum's price has recently garnered significant attention from analysts, who believe it is on the verge of completing a crucial phase in its cycle. According to the analysis, Ethereum is potentially exiting the "manipulation phase," which is the final stage before an upward expansion, based on classic Wyckoff accumulation patterns. This perspective aligns with recent price movements, where Ethereum has retested the $2,100 level, nearing the critical $2,200 resistance zone.

Crypto market analyst Ted Pillows has outlined a three-phase model in Ethereum’s recent price behavior: accumulation, manipulation, and expansion. Ethereum has spent nearly a year in the accumulation phase, during which the price remained in a narrow range, indicating limited retail activity and potential institutional accumulation. The current phase, described as manipulation, has been marked by volatility and sudden dips. These moves push out weaker positions before a possible price expansion. Ted’s analysis suggests this phase may now be ending, with Ethereum price consolidating just under $2,200, signaling that an altcoin rally could be near.

A confirmed breakout above the $2,200 resistance would indicate the start of the expansion phase. This phase often follows Wyckoff-style patterns and can lead to rapid price appreciation. The projected target during this phase could push Ethereum's price beyond the $4,000 mark, with momentum likely to increase if volume supports the breakout.

Recent data shows Ethereum price retested the $2,100 level after a low of $1,930. This marks the first move above $2,100 in two weeks. However, technical indicators remain divided on the short-term trend. A flag pattern has formed on the hourly chart, often viewed as a bullish continuation signal in technical analysis. On the other hand, the 14-day EMA has converged bearishly near the overbought RSI range. This suggests caution, as short-term volatility may continue. If the resistance at $2,100 holds, Ethereum's price may decline to test $2,000 again before any breakout.

Analyst Michaël van de Poppe supports the bullish outlook, noting that Ethereum is approaching a key resistance zone between $2,100 and $2,150. He suggests that a breakout above this range could trigger a rapid move toward $2,800, especially with the U.S. dollar index (DXY) showing a notable decline.

Adding to the bullish sentiments, a recent report points to Ethereum’s reclaiming of the $2,000 level and strong on-chain accumulation as signs of an incoming multi-week rally. With whales acquiring 470,000 ETH in the past week and over 6 million ETH bought between $1,886 and $1,944, analysts suggest ETH could test the $3,000 mark. At press time, Ethereum's price is $2,083, reflecting a 4% increase over the past 24 hours, signaling renewed market interest and heightened activity.