Ethereum is trading above $3,000 as analysts compare its current structure to the 2017 rally, with rising open interest, record portfolios and key levels in focus.
Familiar structure attracts attention
Analyst Leshka.eth pointed out similarities between Ethereum’s current ETH/BTC chart and its setup during the 2015-2018 period. At the time, ETH was moving through a clear cycle of accumulation, a breakout, and then a rally. The same pattern appears to be forming now, with the recent outbreak and retest already completed. According to Leshka.eth,
“$ETH WILL RUN 3X-4X IN THE NEXT 6 MONTHS.” The analyst added: “I can’t believe it myself, but the pattern screams about it.”
This time, accumulation has taken longer, with lower supply on the exchanges and growing interest from institutions, which may have increased the pressure. However, Leshka also noted that they are “generally still bearish,” leaving open the possibility of a different outcome.
Ethereum is priced at around $3,000 at the time of writing, having gained almost 4% in the past 24 hours and up 2% in the past week. A close above $3,000 is seen as crucial. If the price holds, traders will be looking for a move towards $3,200. If it fails, recent gains could be at risk.
ETH/BTC Holding Key support
Michaël van de Poppe, MN Fund founder, noted Ethereum has recovered quickly against Bitcoin after last week’s decline.
“It almost completely offsets last week’s losses… it has a crucial level of support,” he said.
The pair had fallen below the 21-week moving average but has since recovered. This support area is seen as important for trend continuation.
Meanwhile, Ethereum’s price is still down 32% from its October peak, but futures data tells a different story. Open interest has returned to its previous high of around 5 million ETH. Analyst Ted noted:
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Ethereum Open Interest has fully recovered from the October 10 crash.
In the meantime, $ETH the price is still down 32%.
Classic crypto swords. pic.twitter.com/r1dU3ViTFx
— Ted (@TedPillows) January 28, 2026
This gap between price and open interest often reflects renewed trading activity and growing interest in positioning, even as the former lags behind.
On-Chain Activity and ETF Movements
According to Santiment, the number of non-empty ETH wallets has risen above 175 million. This is the highest total of all crypto networks. At the same time, spot ETH ETFs saw net outflows of $63.53 million on January 27, indicating possible rotation or cautious short-term behavior among large holders.
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