Crypto analysts are looking at Ethereum’s technical indicators with optimism. Cointelegraph reports that Ethereum’s native token, Ether (ETH), is showing signs reminiscent of its explosive 2017 bull run. The recent appearance of a Dragonfly Doji candlestick pattern on the monthly chart suggests a potential bullish reversal, as it signals a rejection of lower prices and a possible shift in market control back to the bulls. This pattern, historically linked to significant rallies, was observed in December 2016 when Ethereum surged from under $6 to over $1,400 within a year, and similar patterns have repeated in recent years, leading to gains of over 80% and 145% respectively. If the current bullish trend continues, with sustained momentum above April’s high of approximately $1,950, Ethereum could experience a sustained rally potentially targeting $2,100. Ethereum is also retesting its long-term parabolic support zone – a critical area historically acting as a springboard for new uptrends. Chartist Merlijn the Trader highlights this re-test, noting its consistent effect in triggering reversals across cycles. This zone’s historical significance adds weight to the potential of another explosive rally, as noted by Merlijn the Trader in recent posts. On-chain data further supports this bullish outlook, with Ethereum’s MVRV Z-Score re-entering the historical accumulation zone, suggesting potential for a price uptrend. In previous cycles, dips into this zone coincided with market bottoms and preceded significant rallies. This latest entry reinforces the possibility of upward movement. However, it’s important to note that this article does not provide investment advice or recommendations. All investments and trading decisions carry risk and individuals should conduct their own research before making any financial decisions.