Ethereum ($ETH) is trading around $2,850 after a failed attempt to regain the $3,000 level. The asset is down about 5% in the past 24 hours and about 4% in the last week.
$ETH Millers 2024 structure, $4,000 outlook?
Analyst Heisenberg shared a graph comparing the current situation. $ETH It was down 47% at the time and remained flat for about 92 days before rising 47% to a high of nearly $4,000. The current chart shows the same 47% decline, followed by a 33% rebound, and we are now in a new consolidation period.
Heisenberg said if the same schedule is followed, the base could last until February 21, 2026. A similar move would bring $4,000 back into focus. The RSI is also starting to strengthen, consistent with the conditions we will see ahead of the 2024 rally.
$ETH Throw Ethereum and you’ll get a known bone here.
I mean, why not? For fun. It might be useful. Maybe not. But you have to try.
See you for $4,000. pic.twitter.com/OSn3dCiNvE
— Heisenberg (@Mr_Derivatives) January 29, 2026
Additionally, another chart shared by Sykodelic shows the possibility of a cup and handle forming on the monthly time frame. This pattern started forming after the peak in 2021 and has developed over the past four years. Ethereum currently appears to be in the handle stage of its structure.
Sycoderic believes $10,000 is a reasonable minimum goal. That would be about twice as much $ETHThe all-time high was about $4,950. “It makes me laugh when I see people scoff at $10,000 goals;This setup suggests that a long-term breakout could build if the price moves above the previous high.
Prices may rise due to wedge formation
Another setup shared on the Dami-Defi show $ETH The 3-day chart shows a descending wedge. This pattern, when formed after a decline, often leads to an upward breakout. $ETH is now near the top of the wedge, approaching a key decision point.
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The metrics are starting to change. RSI is up from 43 and MACD is flat. Both suggest that momentum may be shifting. “We are approaching the breakout point,” Dami Defi said, adding that traders are waiting for confirmation of a move above the wedge to trigger a potential upside towards the $3,900-$4,300 range.
what we see is $ETH Form a wedge on 3D
We are currently close to that breakout point, so we are looking for a decisive move above or below the wedge.
If we can break above that upper trend line and hold, we’ll see potential upside pic.twitter.com/U39LzqGOIM
— DamiDefi (@DamiDefi) January 29, 2026
Despite recent price fluctuations, the Ethereum network continues to grow. as crypto potato Non-empty number reported yesterday $ETH The number of wallets is over 175.5 million, the highest of all cryptocurrencies. More than 5.1 million wallets were added in 2026 alone, indicating stable user participation.
