Can Ethereum Price Repeat Its 2,738% Rally Pattern From 2016?


Ethereum has seen some fluctuations recently, with a price dip of nearly 2.5% in the past 24 hours. Currently trading at around $2,414, Ethereum’s price movement has captured the attention of traders and long-term holders alike. Here’s a closer look at the Ethereum price today, along with insights on Ethereum price prediction and the factors influencing its future direction.

Key Price Levels and Market Cap


  • Current Price: $2,414
  • Intraday Low: $2,359.58
  • Intraday High: $2,483.05
  • Market Cap: $290.71 billion

Ether price has shown strong support and resistance levels in recent trading, with notable support around $2,087 to $2,311 and resistance anticipated in the $2,459 to $2,531 range. These levels could play a crucial role in ETH’s near-term movement.

Profitability Insights: Most Holders in Profit

  • Addresses in Profit: Around 79.92%, holding 59.08 million ETH
  • Addresses in Loss: Approximately 19.77%, with 14.62 million ETH
  • Break-even Addresses: Only 0.31%, about 225,650 ETH addresses

This high percentage of profitable addresses suggests a majority of Ethereum investors are currently in favorable positions. However, these profit levels may also lead to short-term selling pressure if ETH price approaches resistance zones.

What This Means for Traders and Holders



  • Short-Term Traders: Might capitalize on price swings around resistance, especially at $2,459 to $2,531.
  • Long-Term Holders: Could use these profit insights to assess whether to hold or adjust their positions.

As many holders remain profitable, some may take advantage of these levels to realize gains, especially if ETH edges closer to resistance.

Analyst Outlook



Crypto analyst CryptoBullet has recently noted that the ETH/BTC chart shows signs of a potential bottom, similar to a pattern seen in 2016 when Ethereum rallied by 2,738%. Although today’s market conditions differ, this pattern could still hint at future gains, albeit more modest ones.

  • Historical Comparison: If ETH experienced even a portion of this rally, it could lead to substantial gains.
  • Market Reality: While a $66,000 price for ETH is unrealistic, a smaller rally might still offer profitable opportunities.

On-Chain Metrics: Bullish Sentiment Building

  • Daily Profit Transactions: Outpacing loss transactions, signaling underlying strength.
  • Market Sentiment: Higher profitable transactions often indicate positive market sentiment, showing that traders expect further gains.

This trend of profitable transactions suggests ETH has a strong foundation, which may support a breakout from current price ranges if demand continues to grow.

2024 Outlook: Will Ethereum Go Up?

Ethereum’s price potential in 2024 will likely depend on key factors, including whether the ETH/BTC pair can form a stable bottom. A successful formation could pave the way for a gradual climb, though expectations should be tempered compared to historical highs.

  • Ethereum Price Prediction: As Per CoinPedia’s Ethereum Price Prediction, ETH coin could see a gradual rise, especially if it breaks out from its current range.
  • Trader Strategy: Short-term traders might find profit opportunities near resistance, while long-term holders should watch for potential breakout signals.
  • Long-Term Potential: If ETH stabilizes against BTC, it may set the stage for growth, even if historical rally levels aren’t feasible.

With Ethereum crypto price hovering around $2,414, these insights could help traders make informed decisions as they navigate the market in 2024.

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