As Ethereum Price Climbs Above The $2,000 Mark, Theories For A Mega Rally Have Taken A Life Of Their Own

As Ethereum price climbed above the $2,000 mark, theories for a mega rally have taken a life of their own.

As Ethereum price action continues to heat up, theories for a mega rally have taken a life of their own.

Master Kenobi, a pseudonymous crypto analyst, claimed that indicators suggest that the bottom is already in for Ethereum (ETH). The analysis comes amid a wave of dour reports for the asset.

Master Kenobi pointed to a previous pattern from 2020 and the subsequent rally that followed for Ethereum. According to the analyst, a steep Ethereum price crash in 2020 laid the foundation for an all-time high with the analyst identifying a similar pattern in 2025.

“An identical ABCDE formation of roughly equal duration concluded with an induced panic crash exactly five years later,” said Master Kenobi.

Master Kenobi highlighted a long-range hidden bullish divergence that is suggestive of weakening downward pressure for the Ethereum price. Since ETH slipped below $2K, selling pressure for Ethereum reached frantic levels, sparking outflows from ETFs running into a small fortune.

Several Dour Reports Threaten ETH’s Recovery

Despite the predictions for a rally, Ethereum price can experience a slump, ruining the party for investors. Standard Chartered slashed its ETH 2025 target by a jarring 60% from $10,000, casting a shadow of doubt on future price movement.

Apart from the recalibration of Standard Chartered’s end-of-year prediction, Ethereum DeFi lost $29 billion from its ecosystem over 30 days. There are whispers that the Ethereum price can reach $5,000 following the Pectra upgrade to the test net but a crash to $1,600 remains a plausibility.

At the moment, Ethereum is trading at $2,020 and is up by 4.40% over the last day. Daily trading volumes have spiked by 92% over 24 hours, settling at 20.27 billion in defiance of the grim reports for Ethereum.