Ethereum Price Breakout: Rare Chart Signals Spark Rally Hope

Crypto analyst Kevin (@Kev_Capital_TA) has identified a confluence of rare monthly chart signals for Ethereum (ETH), suggesting a potential major price breakout. These signals, some unseen in years, include a significant ‘monthly demand candle' following a prolonged correction, similar to patterns observed before major ETH rallies in 2016, 2018, and 2020. This ‘textbook' demand candle is supported by bullish momentum across ETH's USD pair, dominance chart, and ETH/BTC ratio. Multiple technical indicators are also confirming the bullish sentiment. The Market Cipher shows an oversold zone and a buy signal, VWAP has crossed above zero, and money flow is trending upward. Whale accumulation, measured by a proprietary indicator, is also returning after a year-long absence. Ethereum's monthly RSI is rebounding strongly, although it hasn't yet reached the 70 level that historically precedes parabolic price action. The analyst points to a potential double bottom on ETH's dominance chart and a MACD momentum shift, the first in over two years. The ETH/BTC pair mirrors this structure, further reinforcing the bullish case. While acknowledging the importance of macroeconomic conditions and monetary policy, Kevin suggests that the market is anticipating easing policies, and Ethereum's relative strength fits historical post-halving performance. He believes ETH's potential rally could trigger broader altcoin outperformance, stating that ETH is the “major key” unlocking gains for other altcoins. Despite the optimism, he stresses the need for patience, emphasizing that the monthly timeframe indicators are historically favorable, hinting at a significant price movement. At press time, ETH traded at $2,739.

(Source: https://www.newsbtc.com/news/ethereum/ethereum-charts-rare-signal-not-seen-in-years/)