Ethereum is showing signs reminiscent of its 2017 bull run, indicated by a bullish Dragonfly doji candlestick pattern, a retest of long-term parabolic support, and an onchain metric indicating accumulation. The Dragonfly doji is a rare monthly chart pattern suggesting that bulls are regaining control after a downtrend. Historically, this pattern preceded significant price increases for Ethereum, including a rise from under $6 to over $1,400 in 2017. The current retest of a parabolic support zone is mirrored from previous cycles, suggesting potential for another explosive rally should the price break above April’s high of $1,950. Additionally, the MVRV Z-Score has entered an accumulation zone, a sign of undervaluation that has coincided with market bottoms in past cycles, often leading to substantial price uptrends. Analysts are optimistic about a potential multimonth rally for Ethereum if the bullish signals are confirmed in the coming weeks.

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