Ethereum price has been stuck in a tight range for weeks, and that quiet stretch is starting to feel uncomfortable. Since mid November, ETH price has largely moved between $2,700 and $3,400, giving traders little excitement and even less clarity.

That sideways action followed a sharp decline that began in August, when Ethereum slid roughly 45% from around $4,900. Price now sits close to $3,000, and the longer this pause continues, the louder the next move tends to be.

Ethereum price action during this consolidation looks ordinary on the surface. Zooming out tells a very different story. According to analyst Leshka.eth, the current ETH structure mirrors a historical pattern that once preceded an explosive rally. The chart shows a long accumulation phase followed by a clean breakout and retest. That same structure appeared years ago before Ethereum surged from $56 to $1,151.

Leshka.eth points out that the current setup is not identical, yet the similarities are difficult to ignore. Accumulation has lasted much longer this time, suggesting stronger hands controlling supply. ETH price has respected a downward channel for months, and recent price behavior hints that Ethereum may be attempting to break free from it.

ETH price hovering near $3,000 is not just another number on the chart. This level sits close to the midpoint of the recent range and acts as a decision zone. Sustained trading above this area strengthens the case that accumulation is nearing completion. Failure to hold it would keep Ethereum trapped inside consolidation.

Leshka.eth remains cautious despite the bullish structure. His outlook stays generally bearish, yet he acknowledges the pattern could still play out. That tension between skepticism and technical evidence is what makes the setup compelling. Markets often move hardest when conviction remains split.

Beyond technicals, Ethereum has also seen notable institutional developments. Altcoin Buzz recently highlighted BitMine Immersion announcing ETH holdings exceeding 4.2 million tokens. That scale of accumulation signals confidence rather than speculation. Additional data showed $117M in net ETF inflows on the same day, reinforcing the idea of a growing institutional bid.

THE "BITMINE" WHALE SURGE!$ETH is back in favor.

BitMine Immersion just announced its ETH holdings reached over 4.2 million tokens; a massive treasury play.

With $117M in net ETF inflows yesterday, the "Institutional Bid" is front-running the 2026 supercycle. $ETH at… pic.twitter.com/9JC1CCgGMt

ETH price near $3,400 was described as a productive anchor rather than a stretched valuation. That framing matters because it suggests Ethereum is being treated less like a short term trade and more like a strategic asset.

Ethereum has spent months compressing energy inside a narrow range. The chart structure highlighted by Leshka.eth suggests a powerful move could follow, even if the timing remains uncertain. Accumulation phases rarely feel exciting while they last, yet they often define the next major trend.

Read Also: How Much Will 10,000 ADA Be Worth by 2027 If Cardano Leads the Next Cycle?

Whether Ethereum price follows its historical echo or writes a new chapter, this consolidation phase appears far more important than it looks. Watching how ETH behaves around current levels may reveal clues about what comes next, and that alone makes the chart hard to ignore.

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The post Ethereum (ETH) 4x Spike Sounds Unreal, But This Chart Keeps Flashing It appeared first on CaptainAltcoin.

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