Ethereum trades above $3,000 as analysts compare its current structure to the 2017 rally, with rising open interest, record wallets, and key levels in focus.
Ethereum (ETH) has moved above the $3,000 level, drawing attention to its current market structure. Analysts are comparing it to the structure seen in 2017, where ETH moved from $56 to over $1,100 within months.
Familiar Structure Draws Attention
Analyst Leshka.eth pointed out similarities between Ethereum’s current ETH/BTC chart and its setup during the 2015–2018 period. Back then, ETH moved through a clear cycle of accumulation, a breakout, and then a rally. The same pattern now appears to be forming, with the recent breakout and retest already complete. According to Leshka.eth,
“$ETH WILL 3X–4X IN THE NEXT 6 MONTHS.” The analyst added, “I can’t believe it myself, but the pattern screams about it.”
This time, accumulation has lasted longer, with lower supply on exchanges and growing interest from institutions, possibly adding pressure. However, Leshka also noted being “still generally bearish,” leaving open the chance for a different outcome.
Ethereum is priced at around $3,000 at press time, with almost 4% gain in the last 24 hours and a 2% rise over the past week. A close above $3,000 is being viewed as key. If the price holds, traders are watching for a move toward $3,200. If it fails, recent gains could be at risk.
ETH/BTC Holding Key Support
Michaël van de Poppe, MN Fund founder, noted Ethereum has made a fast recovery against Bitcoin after last week’s drop.
“It’s almost entirely reclaiming the losses of last week… it’s holding a crucial level of support,” he said.
The pair had dipped below the 21-week moving average but has since recovered. This support area is seen as important for trend continuation.
Meanwhile, Ethereum’s price is still down 32% from its October peak, but futures data tells a different story. Open interest has returned to its previous high of around 5 million ETH. Analyst Ted commented,
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Ethereum Open Interest has fully recovered from the October 10th crash.
Meanwhile, $ETH price is still down 32%.
Classic crypto degens. pic.twitter.com/r1dU3ViTFx
— Ted (@TedPillows) January 28, 2026
This gap between price and open interest often reflects renewed trader activity and growing interest in positioning, even as the former lags.
On-Chain Activity and ETF Moves
The number of non-empty ETH wallets has climbed past 175 million, according to Santiment. This marks the highest total across all crypto networks. At the same time, spot ETH ETFs saw a net outflow of $63.53 million on January 27, pointing to possible rotation or cautious short-term behavior among large holders.
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