Ethereum price has recently gained attention from analysts as it shows signs of completing a key phase in its cycle. According to analysts, Ethereum price may be exiting the “manipulation phase” — the final phase before an upward expansion, based on classic Wyckoff accumulation patterns. This perspective aligns with recent movements, where Ethereum has retested the $2,100 level, nearing the crucial $2,200 resistance zone.

Ethereum Price Set to Rally With Upcoming Expansion Phase

Crypto market analyst Ted Pillows has outlined a three-phase model in Ethereum’s recent price behavior: accumulation, manipulation, and expansion. Ethereum has spent nearly a year in the accumulation phase. During this time, the price remained in a narrow range, indicating limited retail activity and potential institutional accumulation.

The current phase, described as manipulation, has been marked by volatility and sudden dips. These moves push out weaker positions before a possible price expansion. Ted’s analysis suggests this phase may now be ending. Ethereum price is consolidating just under $2,200, signaling that an altcoin rally could be near.

According to Pillows, a confirmed breakout above the $2,200 resistance would indicate the start of the expansion phase. This phase often follows Wyckoff-style patterns and can lead to rapid price appreciation. The projected target during this phase could push altcoin price beyond the $4,000 mark, with momentum likely to increase if volume supports the breakout.

Technical Indicators Show Short-Term Sentiment

Recent data shows Ethereum price retested the $2,100 level after a low of $1,930. This marks the first move above $2,100 in two weeks. However, technical indicators remain divided on the short-term trend. A flag pattern has formed on the hourly chart, often viewed as a bullish continuation signal in technical analysis.

On the other hand, the 14-day EMA has converged bearishly near the overbought RSI range. This suggests caution, as short-term volatility may continue. If the resistance at $2,100 holds, top altcoin price may decline to test $2,000 again before any breakout.

More so, analyst Michaël van de Poppe supports the bullish outlook, noting that Ethereum is approaching a key resistance zone between $2,100 and $2,150. He suggests that a breakout above this range could trigger a rapid move toward $2,800, especially with the U.S. dollar index (DXY) showing a notable decline.

ETH Price Prediction

Adding to the bullish sentiments, a recent CoinGape report points to Ethereum’s reclaiming of the $2,000 level and strong on-chain accumulation as signs of an incoming multi-week rally. With whales acquiring 470,000 ETH in the past week and over 6 million ETH bought between $1,886 and $1,944, analysts suggest ETH could test the $3,000 mark.

At press time, altcoin price is $2,083, reflecting a 4% increase over the past 24 hours. Trading volume has surged by over 102%, reaching $14.77 billion, signaling renewed market interest and heightened activity.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.