Key takeaways:
Ether price printed a rare monthly Dragonfly doji candlestick, which is often seen before major ETH bull market cycles.
ETH is retesting its long-term parabolic support zone that preceded its historic 2017 rally.
The MVRV Z-Score has entered the accumulation zone, signaling undervaluation.
Ethereum’s native token, Ether (ETH), is flashing a combination of technical and onchain signals once seen in the early stages of its 2017 bull run, a cycle that produced over 25,000% gains.
Dragonfly doji hints ETH bulls are regaining control
Ether is flashing a rare Dragonfly Doji candlestick on its monthly chart, the same structure that preceded its historic 25,000% rally during the 2017 bull cycle.
This pattern is confirmed when the price prints a long lower wick, little to no upper wick, and closes at or near its opening level.
On Ether’s monthly chart, the candlestick reflects a sharp intra-month rejection of