- Ethereum has reclaimed the $3,000 level as analysts highlight a price structure similar to its 2017 rally phase.
- Rising open interest, record wallet growth, and key technical support are strengthening bullish expectations despite ETF outflows.
Ethereum (ETH) has climbed back above the $3,000 level, reigniting bullish discussions across the crypto market. Analysts are now pointing to striking similarities between Ethereum’s current structure and its historic 2017 rally, a period that saw ETH surge from double digits to four figures within months.
A Familiar Pattern Returns to Focus
Market analyst Leshka.eth has drawn attention to Ethereum’s ETH/BTC chart, noting that it closely resembles the accumulation-to-breakout structure seen between 2015 and 2018. During that cycle, Ethereum spent an extended period consolidating before breaking higher and entering a powerful rally phase.
According to the analyst, the current setup appears to have already completed its breakout and retest phase. Accumulation this time has lasted longer, which some view as a sign of stronger underlying support. Leshka.eth suggested ETH could rise three to four times within six months, while also cautioning that broader market conditions could still alter the outcome.
At the time of writing, Ethereum trades near $3,000, posting a near 4% daily gain and modest weekly growth. A firm close above this level is widely seen as critical. If buyers maintain control, attention could shift toward the $3,200 zone. Failure to hold may expose recent gains to renewed pressure.
ETH/BTC Holds Crucial Support
Ethereum’s strength is also visible against Bitcoin. MN Fund founder Michaël van de Poppe highlighted that ETH/BTC has rapidly recovered after dipping below the 21-week moving average last week. The pair has since reclaimed this level, which traders view as essential for trend continuation.
Despite this recovery, Ethereum remains roughly 32% below its October high. Futures data, however, suggests increasing participation. Open interest has rebounded to around 5 million ETH, matching previous highs. This divergence between price and derivatives activity often reflects growing trader engagement as positioning builds ahead of potential moves.
Ethereum Open Interest has fully recovered from the October 10th crash.
Meanwhile, $ETH price is still down 32%.
Classic crypto degens. pic.twitter.com/r1dU3ViTFx
— Ted (@TedPillows) January 28, 2026
On-Chain Growth and ETF Signals
On-chain metrics continue to paint a constructive long-term picture. Data from Santiment shows the number of non-empty Ethereum wallets has surpassed 175 million, the highest count among all crypto networks. This steady rise points to expanding network participation.
At the same time, spot ETH ETFs recorded a net outflow of $63.53 million on January 27. This may indicate short-term caution or portfolio rotation among larger investors, rather than a shift in long-term conviction.
As Ethereum holds above $3,000, traders remain focused on whether this 2017-style setup can fully play out, or if resistance ahead will slow the advance.
ALSO READ: Pi Network price Hits New All-Time Low Despite Latest Updates
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
About the Author
