A recent technical analysis shared on X by crypto analyst Merlijn The Trader presents Ethereum’s price action on the two-day candlestick chart as a textbook example of Wyckoff accumulation. According to his assessment, Ethereum has already gone through several key phases of the model and is continuing to do so approaching a mighty one expansion phase, provided the structure remains intact.
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Wyckoff accumulation structure takes shape on the Ethereum chart
In recent days, Ethereum has traded between around $3,050 and $3,400, repeatedly failing to create a sustained move beyond either range. At the time of writing, Ethereum price action is trading around $3,100.
This prolonged impasse has reinforced the view that Ethereum has returned to consolidation rather than trading in a defined trend, a behavior closely aligned with the accumulation phase. emphasized in a technical analysis by Merlijn De Handelaar.
In his post, Merlijn described Ethereum’s graph as a “Wyckoff masterclass,” pointing out a series of events that align with the textbook behavior of the Wyckoff accumulation scheme, playing out throughout 2025.
According to the annotated structure, spring occurred when ETH briefly fell below $1,500 in the first half of the year. The price did not remain below that level for long, but within days it regained the range and began a rally that eventually ended at a selling climax (SC) of $4,946.
Within this structure, the initial sell climax and automatic downtrend reaction formed a clear range in which the cryptocurrency has traded thus far. The chart labels show this as Ethereum moves through phase D, and this has been highlighted by a downward trend over the past few months.
However, based on the Wyckoff framework, Ethereum now appears to be approaching the breakout zone. with a transition to a full Phase E and a potential vertical markup to follow if the structure continues to play out.
Phase E projection points to a strong upside scenario
Like the Wyckoff road map continues to unfold as outlined, Merlijn believes that Ethereum is preparing for a full Phase E, the final phase of the accumulation process. This phase is characterized by a persistent markup, where the price decisively leaves the selling climax (SC) and moves higher with increasing momentum.
Ethereum / US Dollar: @MerlijnTrader on X
The projection on the chart shows a sharp upward expansion once top-down resistance is cleared, with Merlin pointing to $10,000 and above as the long-term target once the structure is complete. The path higher is not expected to be linear. The model expects an initial push to new all-time highs, followed by a modest rejection around $5,000, before the price pauses to consolidate towards the Backup and Last Point of Support
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According to the chart, this BU/LPS would likely end up around $3,750. If Ethereum remains above that level during the pullback, it would confirm structural strength, with subsequent expansion targeting above $10,000.
Featured image from Unsplash, chart from TradingView