Ethereum has captured market attention as analysts compare its current price cycle with the structure observed during the 2021–2022 period. Simultaneously, significant ETH transfers have indicated active positioning by major holders. These developments raise questions about whether the recent price action and on-chain activity are aligning or diverging.
Ethereum Chart Highlights Structural Shift Between Cycles
A recent analysis shared on X by the account Max Crypto draws a parallel between Ethereum's price structure in the 2021–2022 cycle and its current chart setup, highlighting a notable shift in technical patterns across these periods. The visual comparison focuses on long-term price action against the U.S. dollar, relying on identified formations rather than new indicators or external data.
During the 2021–2022 cycle, the chart illustrates Ethereum forming a head and shoulders pattern following an extended uptrend. The price subsequently broke below a rising support line, signaling a loss of upward momentum. According to the chart's annotations, ETH experienced a decline of approximately 65% within about two months after this breakdown, marking a sharp reversal from its previous highs.
In contrast, the current cycle analysis points to an inverse head and shoulders pattern. This structure features a lower low, identified as the head, followed by two higher lows that form the shoulders. The price action is observed to be developing within a rising channel, with the neckline sloping upward across recent swing highs. At the time of the analysis, Ethereum was trading near the $3,100 level on the chart's price scale.
Based on this comparison, the analysis frames the earlier pattern as a topping structure that preceded a significant downturn, while the current formation suggests a different phase of market behavior. The chart implies a potential continuation scenario linked to the inverse pattern, although it does not present volume data, indicators, or confirmation signals to validate the timing or outcome of this potential trend.
BitMine Adds ETH Staking While FG Nexus Sends $8.04 Million to Galaxy Deposit
BitMine has reportedly increased its Ethereum staking exposure, according to data shared on Tuesday by the X account TedPillows. The post indicated that BitMine staked an additional $270.618 million in ETH, raising its total staked position to approximately $5.521 billion.
Transaction records accompanying this claim list several large ETH transfers originating from BitMine-labeled wallets to a common destination address starting with 0x9212. The recorded outflows include amounts of 24.544K ETH, 16.992K ETH, 24.544K ETH, and 20.768K ETH, with corresponding values displayed around $78.93 million, $54.67 million, $78.97 million, and $66.83 million, respectively.
In a separate development, TedPillows reported that the Ethereum treasury firm FG Nexus moved another $8.04 million worth of ETH, characterizing this transfer as continued selling activity. The transaction log shows an outflow of approximately 2.5K ETH to an entity identified as "Galaxy Digital Deposit," valued at $8.04 million at the time of the entry.
These two updates highlight contrasting movements of ETH. One entity is directing substantial amounts toward a staking-related destination, while another is routing ETH to a deposit address associated with a trading and custody firm.