Ethereum (ETH) is currently trading around $4,100, with a daily trading volume of approximately $27.6 billion. Although the asset has seen a slight decline over the last 24 hours, it remains over 6% higher compared to the previous week. Traders are closely monitoring key levels to determine whether ETH will maintain its sideways movement or initiate a new upward trend.

Recent price actions have raised comparisons to previous configurations that led to significant rallies.

Pattern Similar to June and July Setup

Analyst Galaxy observed that ETH’s current outline resembles the period from June to July 2025, during which ETH surged from roughly $2,500 to $3,800, following a pattern of lower lows before establishing a tight trading range.

Galaxy (@galaxyBTC): Looking like June-July 2025, before the run from $2500 to $3800. We could very well be in the consolidation phase before the run to new all time highs. pic.twitter.com/HIKQhhU9FZ

Currently, ETH is trading within a narrow channel, maintaining its position between $4,000 and $4,150. This trend indicates a lack of new lows, which some analysts view as a potential base prior to a push upward.

Another analyst, Crypto Rover, shared a chart highlighting that ETH’s current pattern mirrors that of late 2020. In that cycle, the asset traded steadily in a small range before breaking out in November and continuing to rally in the following months.

The chart illustrates a descending channel forming just after ETH’s low of March 2025. Similar to the breakout setup in 2020, the expected timing for this current move may occur between late October and early November.

Traders Observing Key Resistance Levels

Analyst Ted noted that ETH recently struggled to stay above $4,250, retreating to retest support around $4,050.

“Thus far, Ethereum is showing a robust rebound and could move toward the $4,200–$4,300 range again today,” he mentioned.

As previously reported by CryptoPotato, ETH is displaying a “Power-of-3” pattern, suggesting that surpassing $4,250 could trigger what traders anticipate as the next phase of market expansion.

Market Movements and Developer Discussions

ETH-based funds experienced a significant outflow of $169 million last week, ending a five-week streak of inflows. Nonetheless, interest in leveraged ETH products remains strong, demonstrating a sustained demand for short-term moves.

In the meantime, Ethereum co-founder Vitalik Buterin and Anatoly Yakovenko from Solana discussed Ethereum’s Layer 2 security, sparking discussions within the community regarding the actual security of these Layer 2 networks.