While Bitcoin stole the spotlight this year with a relentless rally and fresh all-time highs, Ethereum slipped into the background, losing steam shortly after finally surpassing its 2021 peak in August.
The second-largest cryptocurrency has since pulled back under $3,100, trading near $3,020 at the time of writing. But an intriguing thesis is emerging: Ethereum’s quiet phase may be the loading zone before its next explosive move.
Analyst Sees a Bullish Rerun of 2021
Pseudonymous market analyst Mags argues that Ethereum is not underperforming — it is repeating itself.
#Ethereum against BTC bottomed exactly at the same level as previous cycle.
Right now, it’s around the exact support from where it pumped 170% in just 7 weeks, printing seven weekly green candles in a row, followed by a slow distribution phase.
You know what's coming . pic.twitter.com/5oNpRXLJAL
— Mags (@thescalpingpro) December 5, 2025
His perspective is based on structural similarity: ETH’s current price behaviour mirrors the early stages of its 2021 advance, when the asset appeared sluggish before igniting.
A pivotal reference point is the ETH/BTC ratio, which bottomed in April at roughly the same place it did before Ethereum surged during the last cycle. According to Mags, the rhythm of slow grind, pullbacks, and gradual accumulation looks familiar.
The Chart Gives Mixed but Interesting Clues
On TradingView daily charts, ETH trades near $3,020, down about 3.5% on the day, with:
RSI sitting around 45, hovering below neutral — signaling weak momentum but no oversold panic.
MACD lines curling upward, hinting that bearish pressure is easing but not yet flipping decisively bullish.
This technical picture aligns with Mags’ idea: Ethereum may be in the consolidation stage that historically preceded its surge rather than in a breakdown.
Looking Back to Understand What May Come Next
In 2021, Ethereum didn’t coast upward — it exploded in a concentrated seven-week stretch, rising around 170%, before drifting into a slower distribution phase.
Mags believes Ethereum is positioned near the same type of structural support zone it launched from then. If that parallel holds, ETH could be on the verge of a multi-week rally, followed by gradual profit-taking — a pattern eerily similar to its last bull era.
His speculative target? Approximately $8,500, representing about 170% upside from current levels.
