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Ethereum ETH $2,439.90 Ethereum -2.89% Market capitalization $294.45 billion VOL. 24 hours $0.89 billion is showing signs of recovery after a volatile November: the price of the cryptocurrency has stabilized above $ 2,900. According to analyst Merlijn The Trader, the current dynamics of ETH almost exactly repeats the four-year consolidation pattern of gold. If this similarity persists, Ethereum could be in the same «reaccumulation phase» that gold experienced before its rapid breakout in 2024.
According to a comparative chart, Ethereum has fluctuated between about $ 1,000 and $ 4,800-$ 5,000 over the past four years, without going beyond this range. A similar pattern was observed in the gold market in 2020−2024, when, after a long consolidation around $ 2,100 and a short-term decline, gold made a powerful breakout, rising from $ 1,850 to over $ 2,350 in a few months. If this fractal continues, ETH may be in what is known as the «spring phase,» a period before growth.
Short-term charts confirm the signs of stabilization. Over the past two days, Ethereum has recovered from below $ 2,850, rising to around $ 2,980, and is currently holding above $ 2,930. The market is showing a decrease in volatility after a sharp rebound, which usually indicates preparation for a bigger move. Holding the level of $ 2,900 even despite general market caution indicates buyer activity.
At the same time, technical indicators leave room for caution. ETH’s current price of $ 2,929 is still below its 50-day SMA ($ 3,625) and 200-day SMA ($ 3,390). The Fear and Greed Index remains at 20 («extreme fear»), which is historically characteristic of the later phases of a correction. The volatility is 11.87%, and the RSI at 37.87 signals the gradual exhaustion of sellers.
Analysts note that Ethereum may be approaching a cyclical reversal. Although the key resistance level of $ 5,000 remains unattainable, the combination of stabilization above $ 2,900, the formation of a multi-year consolidation pattern, and analogies to gold’s behavior may indicate a potential stage before a new uptrend. The final confirmation of this scenario, however, requires a strengthening trend and improved market sentiment.