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Three major Chinese bitcoin mining rig manufacturers—Bitmain, Canaan, and 
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The token fell from $0.01421 to $0.01319 during Wednesday&#8217;s Asian evening 
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reaction to broader crypto market weakness and a technical retest of key 
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The Ethereum price action is showing remarkable similarities to its 2017 
market cycle, with analysts pointing to a near-identical technical setup and 
market behaviour. Crypto analyst Merlijn the Trader, who shared a side-by-side 
weekly chart comparison of 2025 and 2017 on X (formerly Twitter), suggests 
that Ethereum is now following the same breakout pattern that once led to a 
historic rally. This time, however, the analyst believes that the move could 
be even more significant. Ethereum Price Mirrors Historic Breakout Pattern In 
the current 2025 chart, Ethereum has reportedly claimed the 50-week Moving 
Average (MA) after months of downward pressure and range-bound movement. 
Following a decisive breakout from support levels near $2,250, the price of 
the cryptocurrency is now consolidating below the 50 MA, forming a tight 
sideways pattern. Related Reading: The 5 Bullish Cases That Says Ethereum 
Price Could Reach $10,000 In 2025 According to Merlijn the Trader, this 
structure is visually and technically similar to price movements that occurred 
in late 2016 and early 2017, just before Ethereum began a powerful upward 
surge. The analyst’s 2017 Ethereum chart shows the altcoin breaking above the 
50 MA, followed by a brief period of sideways action under resistance. Once 
momentum was built, the price launched into a parabolic rally that marked the 
beginning of its major bull cycle. Notably, the 2025 chart situated on the 
right panel displays an almost identical playbook to the 2017 setup, with 
Ethereum moving out of a prolonged accumulation phase and into a zone of 
consolidation beneath key resistance levels. However, this time, market 
conditions are significantly different. The analyst notes that the crypto 
space is far more developed, with increased institutional involvement, broader 
retail adoption, and growing infrastructure supporting Ethereum’s ecosystem. 
While the technical patterns align closely with the 2017 breakout, the scale 
and context suggest that the potential upside could even be greater. The 
similarities between Ethereum’s 2017 and 2025 price action lie in the timing 
of the 50 MA reclaim and the tight range of consolidation that follows. If ETH 
can maintain this trajectory and break above the current resistance zone, it 
could mark the beginning of a fresh macro rally, which the analyst predicts 
will not just repeat history but possibly amplify it. Ethereum Eyes $4,000 As 
2017 Pattern Repeats Based on Merlijn The Trader’s comparable chart analysis, 
Ethereum may be on the verge of a major breakout, with technical patterns 
pointing to a potential price target above $4,000. In the 2017 setup, Ethereum 
skyrocketed past $28 from a low between $6 and $7.5 after reclaiming the 50 
MA. Related Reading: Ethereum Staging A Repeat Of Bitcoin’s 2021 Cycle? Here’s 
The Target If history is any guide, Ethereum’s next move could propel it from 
its current price of $2,541 to $4,000, which aligns with the upper red 
horizontal line on the 2025 price chart or above the line to fresh all-time 
highs, with no ceiling in sight, according to the analyst. Featured image from 
Getty Images, chart from Tradingview.com