Ethereum is drawing renewed market focus as a long-term technical structure, and derivatives data send conflicting signals. Weekly and daily charts show Ethereum holding key levels while leverage rebuilds. Traders now assess whether historical patterns will repeat or stall again.
The ETH/BTC weekly chart from Binance maps price action from 2015 through projections into 2027. It shows repeated phases of consolidation, accumulation, retests, and sharp rallies across multiple cycles. Similar structures appeared before Ethereum’s strongest relative gains.
At the same time, Ethereum’s U.S. dollar price remains under pressure. Futures data shows rising participation even as spot price trades well below prior highs. This divergence defines current market conditions.
The first major ETH/BTC cycle ran from 2015 to 2018. Ethereum formed a rounded consolidation base before entering an accumulation phase marked by descending trendlines. After a brief retest, the price broke out into a sharp rally during 2017.
That rally phase saw Ethereum strongly outperform Bitcoin. ETH rose from double-digit levels to a historic peak during the previous bull market. The structure was completed after a steep expansion phase.
After the 2018 peak, Ethereum entered a prolonged consolidation lasting into 2021. Price formed a wide, rounded base, reflecting extended balance after the rally. Accumulation followed as the structure tightened before resolving higher.
The dominant feature of the chart spans from 2018 through projected levels into 2027. Ethereum traded for years inside a broad descending channel labelled as accumulation. The structure shows lower highs and lower lows throughout this period.
A breakout appears near 2025 on the chart. That move is followed by a clearly defined retest zone. Former resistance appears to flip into support at that level.
From the retest, the chart projects a strong upside move into 2026 and 2027. The projected rally mirrors the slope and magnitude of the 2017 expansion. ETH/BTC accelerates once the structure is reclaimed.
Read More: Ethereum in 2026: Trouble Ahead or Legendary Rebound Incoming?
Analyst Leskha shared the chart on X. Leskha stated Ethereum could rise three to four times within six months if the pattern plays out. The analyst referenced the 2017 move from $56 to $1,151.
Michaël van de Poppe, MN Fund founder, noted Ethereum’s fast recovery against Bitcoin after last week’s drop. He said ETH/BTC reclaimed most losses and now holds a key support area. The pair briefly dipped below the 21-week moving average before recovering.
Despite relative strength versus Bitcoin, Ethereum remains down about 32% from its October peak in dollar terms. A daily ETHUSDT futures chart shows price near $2,998 after a 0.89% session decline. The session ranged between $2,985 and $3,028.
Price continues to trade inside a broad horizontal range. Resistance sits near $4,400 to $4,500, while support rests close to $2,800. December’s 1.67% rebound failed to sustain momentum.
Meanwhile, aggregated open interest data from Velo shows steady growth since October. Open interest now sits near 5.08 million contracts after fully recovering from the October 10 crash. Analyst Ted Pillows noted leverage has returned even as price remains far below prior highs.
With leverage rebuilding and price holding range support, will Ethereum’s long-term structure align with derivatives positioning this time?
Ethereum price shows a clear split between structure and momentum. Long-term ETH/BTC patterns point to accumulation and potential expansion, while futures data shows rising leverage despite weak spot performance. The setup places focus on key support and resistance levels as traders watch whether price follows positioning.