Ethereum Surges 10x in 2016-2017 Cycle Mirrored, Whales Accumulate

Ethereum has recently been trading above $2,450, mirroring a market structure similar to its 2016–2017 cycle. This period is notable for preceding a significant 10x surge in Ethereum's value. The current phase is characterized by a stronger capital base and broader adoption, which may provide Ethereum with a longer runway for growth. Ethereum is currently trading at $2,453.13, with consistent upward price activity and renewed accumulation by large holders.

Technical analysis indicates that Ethereum’s current trend is drawing comparisons to its 2016–2017 breakout period. According to analysis prepared by Merlijn The Trader, Ethereum has formed a structure that includes long-term consolidation, rising volume, and support above key moving averages. During the 2016–2017 cycle, this same pattern led to a breakout from $10 to over $1,000. Ethereum now trades above its 200-week moving average, just as it did at the start of that previous rally. Additionally, the Relative Strength Index on higher timeframes is rising from neutral territory, reflecting early-stage strength. Analysts also noted that ETH has remained above $2,450 despite reduced trading volume, confirming price resilience in the current cycle.

On-chain data indicates that Ethereum whales are actively buying. Entities including SharpLink Gaming and wallet 0x1fc7 purchased nearly $10 million worth of ETH within hours. This accumulation aligns with a broader reduction in exchange balances, suggesting holders are moving ETH off trading platforms. Glassnode data confirms that ETH balances on exchanges are at multi-year lows. Reduced supply on exchanges often signals limited sell pressure and positions ETH for upward movement. Historical cycles show Ethereum retests support zones before major expansions. A similar retest led to 50x gains in 2021. Crypto Gems also stated that ETH is tracking a structure identical to 2017 and expects a move above $5,000 soon.