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Key takeaways:<\/strong><\/p>\n Ether price printed a rare monthly Dragonfly doji candlestick, which is often seen before major ETH bull market cycles.<\/p>\n<\/li>\n ETH is retesting its long-term parabolic support zone that preceded its historic 2017 rally.<\/p>\n<\/li>\n The MVRV Z-Score has entered the accumulation zone, signaling undervaluation.<\/p>\n<\/li>\n<\/ul>\n Ethereum’s native token, Ether (ETH<\/a>), is flashing a combination of technical and onchain signals once seen in the early stages of its 2017 bull run, a cycle that produced over 25,000% gains.<\/p>\n Ether is flashing a rare Dragonfly Doji<\/a> candlestick on its monthly chart, the same structure that preceded its historic 25,000% rally during the 2017 bull cycle.<\/p>\n This pattern is confirmed when the price prints a long lower wick, little to no upper wick, and closes at or near its opening level.<\/p>\n On Ether’s monthly chart, the candlestick reflects a sharp intra-month rejection of lower prices, suggesting that bulls are beginning to regain control after an extended downtrend.<\/p>\n In December 2016, Ether formed a similar monthly Dragonfly doji before erupting from under $6 to over $1,400 in over a year. The same pattern has been seen, with smaller upside, in 2021 and 2023, where ETH gained over 80% and 145%, respectively.<\/p>\n If bulls confirm the signal with a strong May open, especially above April’s high of around $1,950, Ethereum could be primed for another multimonth rally, beginning with an initial run toward $2,100<\/a>. <\/p>\n Chartist Merlijn the Trader points<\/a> to Ethereum retesting its long-term parabolic support, (the green zone in the chart below) that has consistently acted as a launchpad for new uptrends.<\/p>\n “In every cycle, this zone triggers a reversal — and this time is no different,” he wrote in his X post on April 30, adding:<\/p>\n “Now begins what could be Ethereum’s most explosive rally yet.”<\/p><\/blockquote>\n In early 2017, ETH also bounced from this exact same parabolic trendline during its initial breakout phase. The trendline supported ETH throughout that year, fueling the vertical move to $1,400 from around $6.<\/p>\n Related: <\/strong><\/em>Ethereum’s ‘capitulation’ suggests ETH price is undervalued: Fidelity report<\/strong><\/em><\/a><\/p>\n The current retest in 2025 mirrors that breakout setup, suggesting a cyclical pattern may be repeating.<\/p>\n\n
Dragonfly doji hints ETH bulls are regaining control<\/h2>\n
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Ether tests long-term parabolic support, just like in 2017<\/h2>\n
Onchain data points to ICO-era-style ETH accumulation sentiment<\/h2>\n
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