I noticed an interesting movement in Ethereum - the price stays above $2300, and this draws attention to what the current pattern looks like. Analysts compare it to the structure from 2017, when ETH surged from $56 to over $1100 in a few months. Such a pattern is usually a sign of a serious move.

Some traders say that a similar configuration is forming now - accumulation, breakout, and now levels are being re-evaluated. This time, accumulation lasted longer, there is less ETH on exchanges, and institutions are more active. One analyst even predicts a 3-4x growth over six months, although he admits it sounds crazy. The pattern clearly signals something, but I am skeptical - the market can turn around at any moment.

Regarding technical levels: ETH/BTC recovered after the drop, holding an important support. The price fell 32% from October's peak, but open interest has returned to highs - this divergence is interesting. Plus, network activity has increased, with addresses holding more than 175 million. However, the spot ETF showed outflows yesterday, which could indicate caution among large players.

Currently, the price is around $2.31k, up 1.49% in 24 hours, but down 3.69% over the week. The key level is $2,300 - if it holds, the next target is $3,200. If it breaks down, recent profits are at risk. The pattern is certainly interesting, but confirmation is needed.