Ethereum Approaches Wyckoff ‘Liftoff’ Phase – Can ETH Reach A New High?

Ethereum's price is currently around $2,500, showing a 4.2% increase over the past week despite a 19% year-over-year decline. Some analysts believe Ethereum is entering a "liftoff" phase, based on the Wyckoff Accumulation pattern, having passed initial resistance levels. This pattern suggests a potential parabolic price increase, with a target resistance level at $3,700. Another analyst supports this bullish prediction, comparing current price action to previous performance, forecasting a potential rise above $3,000. However, a contrasting viewpoint suggests a bearish rising wedge pattern, potentially leading to a price drop to $2,200 if a breakout doesn't occur. Increased Ethereum network activity, nearing all-time highs in daily transactions and active addresses, further fuels the bullish sentiment. High levels of Ethereum liquid staking also contribute to the positive outlook. Despite current price fluctuation, some analysts consider the current price a bargain. The overall outlook for Ethereum remains mixed, with both bullish and bearish predictions prevailing.