Ethereum (ETH) is currently trading at $3,160, boasting five consecutive days of gains and a weekly increase of 5%. The trading volume in the last 24 hours exceeded $17 billion.

The price has recently approached the $3,160-$3,200 range, which traders recognize as a critical resistance point. Observers are keenly monitoring this zone for possible breakout signals or price rejections.

ETH vs. BTC Performance Analysis

A chart displayed by Sykodelic highlights Ethereum’s performance against Bitcoin from 2016 to 2026. Historically, ETH would begin to rise against BTC before significant market peaks, indicated on the chart with green boxes from breakout to altcoin strength.

Sykodelic remarked:

“What we can see here very clearly is that $ETH is currently at the beginning stage of its outperformance against Bitcoin.”

Currently, the ETH/BTC ratio is approximately 0.034, showing renewed interest following a breakout above a long-term trendline. They emphasized that Ethereum typically sees strong performance amid an expanding market liquidity phase.
“We have not had that yet this cycle,” they cautioned, implying that Ethereum might still be in the early stages of this growth path.

Furthermore, Ali Martinez observed a symmetrical triangle pattern on the daily chart for Ethereum, revealing a consolidation of lower highs and higher lows since December. As the price nears the triangle’s apex, which stands around $3,130, there are predictions of a potential 30% price movement either way following a breakout.

Additional Insights

Resistance is identified at $3,300; if surpassed, Ethereum may target $4,000. Conversely, if rejected, it could fall back to around $2,190. As traders maintain vigilance for a breakout or breakdown as prices approach the end of the current price consolidation phase.

Are We Seeing a Repeat of Previous Market Cycles?

CryptoWZRD drew parallels between Ethereum’s recent downturn and a similar trend witnessed in mid-2024, where ETH decreased by 46% before experiencing a 12-week consolidation phase. The latest decline appears to echo this prior pattern, with ETH currently sitting between $2,800 and $3,200.

They commented, “Ethereum has to hold the lows, or it will break the range,” emphasizing the significance of maintaining the lower boundary of the current price structure to build momentum for future gains.

At present, ETH remains 36% below its all-time high from August 2025. Market sentiments remain optimistic as buyers continue to accumulate, with predictions suggesting a potential price surge beyond $7,000-$10,000 in the current cycle.