Ethereum’s price is currently struggling to hold above the $2,700 mark after a 4.26% drop in the past 24 hours. With Bitcoin’s dominance at 60.86% and Ethereum’s market share slipping to 10.36%, investors are left wondering if this is a temporary setback or a buying opportunity before a massive rally.

Some analysts believe Ethereum’s current dip might be the last chance to buy before a parabolic move toward $8,000, backed by technical patterns and growing institutional demand. However, risks remain, with certain indicators hinting at short-term downside before any sustained upward momentum.

Historical Patterns: Can Ethereum Surge 100%?

Crypto analyst Ted Pillows highlights a recurring pattern in Ethereum’s price history that suggests a major rally may be imminent. Over the past year, ETH has formed three long-tailed weekly candles, each marking a bottom near $2,000. Similar setups in Q1 and Q3 of 2024 led to significant price surges.

If this historical trend holds, Ethereum could double in value over the next 8-12 weeks. A breakout above $4,000 could pave the way for a much larger rally, potentially taking ETH to $8,000.

Ethereum’s Setup Resembles the 2021 Bull Run

Crypto analyst Crypto Rover points to another bullish indicator—Ethereum’s price action closely mirrors the 2020-2021 cycle. Back then, ETH initially faked a breakout, retested support, and then high to $4,800.

If Ethereum follows this same pattern, the current price action could be setting up for a similar explosive move. Recent price rejections at lower levels suggest strong buying interest, adding to the likelihood of a bullish breakout.

Institutional Investors Keep Buying Ethereum ETFs

Big investors continue to accumulate Ethereum, further strengthening the case for an upcoming rally. According to Michael van de Poppe, institutions have purchased over $500 million worth of ETH through spot ETFs in recent weeks.

On February 6, BlackRock added $10.65 million to its Ethereum ETF holdings, marking the sixth straight day of inflows. While this was a smaller amount compared to previous days, the consistent accumulation suggests institutional confidence in Ethereum’s long-term potential.

If this trend continues, institutional demand could provide the fuel needed for Ethereum’s next major breakout.

Bearish Risks: Short-Term Pressure Before the Breakout?

Despite strong bullish signals, some analysts warn that Ethereum might face a temporary pullback. Crypto analyst Ali Martinez points to the market-value-to-real-value (MVRV) momentum oscillator, which recently turned negative.

A negative MVRV reading has historically preceded short-term corrections, as seen in August 2024 when Ethereum experienced a temporary decline before resuming its uptrend. If this pattern repeats, ETH could dip below $2,700 before regaining momentum.

Conclusion: Is This the Last Chance to Buy Ethereum Under $3,000?

Ethereum is at a critical juncture, with technical indicators showing strong upside potential while short-term risks suggest caution.

Bullish Factors:

Broadening wedge pattern targets $5,300, $7,300, and $8,500

Historical patterns suggest 90-100% rallies after long-tailed weekly candles

Triangle formation resembles Ethereum’s 2021 breakout rally

Institutional accumulation continues, led by BlackRock’s ETF inflows

Bearish Risks:

MVRV momentum oscillator signals potential short-term downside

ETH must hold above $2,700 to maintain bullish momentum

If Ethereum stays above key support levels, the current dip could be the last chance to buy before a major breakout. However, a deeper correction could occur before the next leg up. For now, traders and investors should brace for volatility—but the long-term outlook for Ethereum remains strongly bullish.