According to him, during that period, Ethereum has consistently traded within a well-defined range marked by repeated deviations and reclaims. Notably, each of these range cycles took 70-77 days to complete.
The analyst explained that each time Ethereum broke out of this range and reclaimed its structure, the cryptocurrency staged a strong rally back toward the range highs or lows. Given the current chart structure, Sykodelic believes ETH may once again be mirroring this historical pattern and, if so, another move toward range highs could now be in play.
ETH’s Surge To $4,000 Could Ignite The Next Altcoin RunIn his analysis, Sykodelic pointed to Ethereum’s weekly Moving Average Convergence Divergence (MACD) as further confirmation of the repeating historical chart structure. He noted that ETH is now back within the same range that led to new highs in past cycles and has been solidifying its position over the past 77 days as it prepares to move higher.
