Ethereum in Multiyear Accumulation Phase

Ethereum's price hovered around 2,100 on Wednesday, down more than 50 percent from its all-time high, as analysts described the cryptocurrency's ongoing weakness as the final phase of a multiyear accumulation cycle that could precede a significant rally.

Market observers, drawing on technical charts and on-chain data, identified the current trading range as bounded by support levels near 1,800 and resistance around 2,500. According to analyst Ali Martinez, reclaiming 2,500 would mark a pivotal bullish reversal, aligning with Ethereum's realized price, the average cost basis for all circulating tokens. This level, he noted, signals when most holders return to profitability, potentially shifting sentiment and reducing selling pressure. Supporting this view, on-chain metrics show the market value to realized value ratio at about 0.80 near 1,800, indicating undervaluation and diminished incentive for sales as average investors face unrealized losses.

Crypto Patel, in a weekly chart analysis, outlined a Wyckoff accumulation pattern unfolding since early 2024, featuring a selling climax followed by rallies and tests that established the range's boundaries. He pointed to support at...