Ethereum Retests Lower Channel, Gains 19% in Two Weeks

Ethereum (ETH) has once again retested its long-term lower channel, a pattern observed in previous market cycles. In 2017, this move preceded a 300x gain, while in 2021, it led to a 50x rally. If a 6x gain were to occur this cycle, Ethereum could reach a price above $10,000. At the time of writing, ETH is trading at $2,422.23.

According to an observation by crypto analyst Ted Pillows, Ethereum’s current market behavior mirrors past bullish cycles. Each time ETH retested its lower channel, it marked the beginning of a strong upward trend. This recurring pattern supports the idea that Ethereum may be setting up for another large rally.

Further technical confirmation comes from the Wyckoff reaccumulation schematic. Analyst Mikybull stated on June 26 that “Ethereum is done with ‘test’ on Wyckoff reaccumulation schematic,” suggesting that a strong rally may be near. The analyst also mentioned a breakout to $3,200 as the next possible target.

Another chart shared by XForceGlobal used Elliott Wave theory to project a potential ETH breakout toward $9,400. According to this analysis, Ethereum could reach new all-time highs in this cycle, with a possible range between $9,000 and $10,000.

Ethereum has recently shown stronger price activity, gaining over 19% from June 12 to June 25. This price movement is supported by a flip to positive funding rates, increased ETH inflows to Binance, and signs of a short squeeze.

Funding rate data from CoinGlass shows that 68.15% of liquidated positions over the last 24 hours were long, suggesting rising speculative interest. While this brings the risk of short-term pullbacks, it also shows high trader confidence.

Institutional interest is also increasing as expectations for an Ethereum ETF grow. If demand continues to rise, Ethereum’s price may follow the pattern of previous cycles.