Ethereum's price action has underperformed traders' expectations, currently down by 23% over a 30-day period. Despite hopes for a bullish surge after the launch of Spot Ethereum ETFs, Ethereum remains in a bearish trend.
Technical analysis by Benjamin Cowen suggests that Ethereum's recent performance mirrors its 2016 patterns. The cryptocurrency has closed monthly candlesticks similarly to 2016 for eight consecutive months, indicating a potential continuation of this trend.
If the current trend mirrors 2016, Ethereum may see a green close in September followed by bearish months from October to December, potentially leading to a significant rally in 2025. Ethereum had a 19,000% rally in 2016, reaching $1,590.
Currently trading at $2,445, Ethereum is at a crucial support level near the 0.382 Fibonacci retracement level. A significant bounce could trigger an upward trend, possibly pushing Ethereum's price to $3,000, $4,000, and even $5,000.
