A recent technical analysis shared on X by crypto analyst Marlin the Trader shows Ethereum price movement on a two-day candlestick chart as a textbook example of Wyckoff accumulation. In his assessment, Ethereum has already gone through several important stages of the model and is currently approach something powerful Expansion phase, as long as the structure is intact.
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Wyckoff’s accumulation structure materializes on the Ethereum chart
For the past few days, Ethereum has been trading between roughly $3,050 and $3,400, repeatedly failing to secure a sustained move above either boundary. At the time of writing, Ethereum’s price trend is trading around $3,100.
This prolonged stalemate reinforces the view that Ethereum has returned to consolidation rather than trading in a clear trend, behavior that closely aligns with an accumulation phase. Highlighted by technical analysis Written by Merlin the Trader.
In his post, Marlin described Ethereum’s chart as a “Wyckoff masterclass,” pointing to a series of events consistent with a textbook move from the Wyckoff accumulation picture unfolding throughout 2025.
According to the annotated structure, spring occurred when ETH briefly fell below $1,500 in the first half of this year. The price did not stay below that level for long and within a few days it regained its range and continued rising, eventually closing at the selling climax (SC) at $4,946.
Within this structure, the initial selling climax and automatic downtrend reaction established a clear range in which the cryptocurrency has been trading thus far. The chart label indicates this as Ethereum moving into Phase D, which is highlighted by the downtrend in recent months.
However, based on the Wyckoff Framework, Ethereum currently appears to be approaching the breakout zone. With the transition to A full Phase E and vertical markup could be next if the structure continues to run.
Phase E forecast indicates strong upside scenario
Wyckoff’s roadmap Development continues as outlined, Merlijn believes that Ethereum is gearing up for a full Phase E, the final stage of the accumulation process. This phase is characterized by a sustained markup, with the price decisively breaking out of the Selling Climax (SC), gaining momentum and trending upward.
Ethereum / USD: @MerlijnTrader on X
The forecast on the chart points to sharp upside once the overhead resistance is cleared, and Merlein points to above $10,000 as a long-term target if the structure is completed. Higher paths are not expected to be straight. The model predicts an initial new high, followed by a gradual rebound around $5,000 before the price consolidates towards the backup and final support point.
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According to the chart, this BU/LPS will probably be around $3,750. If Ethereum breaks above that level during the decline, it will confirm structural strength and target any subsequent expansion above $10,000.
Featured image from Unsplash, chart from TradingView
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