Ethereum (ETH) has been facing challenges in regaining its bullish momentum since December, as indicated by its struggle to break through declining resistance levels and its limited upside potential. However, a wedge pattern has emerged in ETH’s price action, characterized by descending resistance and ascending support, suggesting the possibility of a pattern break in the near future.
Investors are closely monitoring ETH’s next move, given the uncertainty surrounding its performance compared to other cryptocurrencies that are experiencing strong demand. Despite facing competition from networks like Sui (SUI) and Solana (SOL), Ethereum’s on-chain data reveals a more optimistic long-term perspective.
Data from IntoTheBlock shows a significant increase in the number of depositors into Ethereum staking contracts, reaching a peak of 211,720 addresses on January 25. Additionally, the amount of ETH staked has reached a new all-time high of 56.38 million ETH, indicating growing confidence among investors in ETH’s long-term prospects.
Furthermore, Ethereum addresses by time held show a notable increase in the number of HODLer addresses, growing from 91.18 million addresses on October 1 to 96.98 million addresses on December 25. The rise in cruiser and trader addresses also aligns with the surge in ETH pumped into staking contracts, reflecting a mix of long-term optimism and short-term volatility.
As ETH prepares for a potential breakout from the wedge pattern, there is speculation that the altcoin could rally to as high as $5000 in the coming weeks if it regains its bullish strength. This analysis suggests that despite recent challenges, Ethereum remains a strong contender in the cryptocurrency market with promising prospects for the future.
In conclusion, Ethereum’s price movement is poised for a significant shift, and investors are closely watching for signs of a breakout or breakdown from the wedge pattern. With growing confidence in ETH’s long-term potential and increasing activity in staking contracts, the stage is set for Ethereum to make a strong comeback in the near future.
Read Ethereum’s [ETH] Price Prediction 2025–2026
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