- ETH just flashed a Dragonfly Doji, a pattern seen before major rallies like in 2017.
- It’s retesting a long-term parabolic trendline that’s triggered past bull runs.
- Onchain data shows ETH back in its historical accumulation zone, hinting at a potential bottom.
Ethereum’s native token, ETH, is throwing out some familiar signals. The kind we haven’t really seen since way back in 2017—yeah, that crazy bull run where ETH rocketed up over 25,000%. Now, nobody’s saying that exact move is coming again… but there are some chart patterns and onchain clues that feel kinda similar.
That dragonfly doji is no joke
ETH’s monthly chart just printed a rare Dragonfly Doji candle—basically a long lower wick, barely any upper wick, and a close right near the open. This thing doesn’t show up often, and when it does, it usually means buyers stepped in hard after a dip. In plain terms? Bulls are starting to show some teeth again.
Last time we saw this setup was in late 2016. ETH was under $6, then it took off and didn’t stop until it crossed $1,400 a year later. Smaller versions of this candle also popped up in 2021 and 2023, each followed by decent rallies—80% and 145%, give or take.
If May kicks off with strength, especially if price pushes past that $1,950 mark from April, things could heat up fast. First stop might be $2,100… but it might not stop there.
Testing the parabolic lifeline (again)
There’s this long-term trendline that’s been acting like a launchpad for ETH in every bull cycle. Trader Merlijn (yeah, the one on X) pointed out that ETH just touched it again. Same spot that sparked the 2017 mega-run.
His take? “Now begins what could be Ethereum’s most explosive rally yet.” Kinda bold, but hey—he’s got charts to back it up. In 2017, ETH bounced from this exact same curve, then just went vertical. That parabolic structure held through the whole rally.
Fast-forward to now, and ETH seems to be testing that support again in early 2025. Same curve, same setup… maybe same story?
Onchain vibes say accumulation’s back
Then there’s the MVRV Z-Score—a stat nerds use to find market bottoms (and tops). ETH just dipped back into the green zone on that chart. That’s happened before… a few times, actually: late 2018, March 2020, and mid-2022. Each time, the market was near a bottom, and what followed? Long, steady rallies.
So yeah, between the doji candle, the parabolic support, and that onchain data flashing green—ETH might be gearing up for another big run. It’s not guaranteed, but the signals are stacking up.
