Ethereum is drawing attention for bullish signals in its native token, ether (ETH), as its price chart now displays a pattern reminiscent of the setup that preceded bitcoin’s (BTC) recent record-breaking rally.
Ether’s three-line break chart—a tool that filters out short-term noise and volatile price swings—shows that the eight-month corrective phase of lower highs and lower lows has concluded. This marks a resumption of the broader uptrend that began in October 2023 when ETH was near $1,500.
Such breakouts can often lead to a bullish momentum, attracting new buyers while forcing bearish positions to unwind, thereby accelerating price gains.
Bitcoin experienced a similar breakout in mid-October, which paved the way for a rally to all-time highs above $73,000. Since then, BTC has climbed 45%, surpassing $96,000, as per data from TradingView and CoinDesk.
Although technical patterns like these can help traders anticipate trend shifts, they are not foolproof. Fundamental factors can either reinforce or disrupt these trends.
For ether, recent network activity aligns with the optimistic outlook. In November, the number of “blobs” posted on the Ethereum network by layer-2 protocols increased significantly. Each blob incurs fees paid in ETH, which are burned in the same way as standard transaction fees, reducing the circulating supply of the cryptocurrency.
Additionally, institutional interest in ETH is growing. On Friday, U.S.-listed spot ether ETFs recorded $332.9 million in inflows—the highest single-day amount since their launch—according to Farside Investors.
