Could a 4x Rally Follow?

Another analyst noted in the meantime that the Ethereum network activity has picked up the pace after a solid decline earlier this year.

Ethereum’s price has fought for $2,000 for a month now, but the bears have taken advantage once again after another 4% decline on a weekly scale. The macro charts are even more painful for the largest altcoin, which barely broke its 2021 all-time high in 2025, but now trades over 60% away from it.

According to a few analysts, though, the landscape around it could change soon due to the rising network activity and previous cycle moves. History has shown that ETH has posted incredible returns after it successfully defended a zone that it’s currently testing.

Can ETH Rocket by 4x Next?

Merlijn The Trader said in a Saturday post on X that “Ethereum is entering the zone that decided the last cycle.” Four years ago, it bottomed after sweeping the liquidity inside the $1.2K-$1.6K range. Technical tools like the RSI show that it’s approaching an oversold territory again, and Merlijn predicted that if it holds the $1.6K level, “buyers regain control.”

However, if it falls below the lower boundary of that range, “deeper liquidity becomes the target.” The last time this zone was tested and defended successfully, the analyst said ETH skyrocketed by 4x. A similar surge now would take it well beyond its all-time high of nearly $5,000.

In a subsequent post, Merlijn doubled down that ETH is at a “make-or-break level,” as the price has respected this rising trendline for years. It has neared the $2,000 level, and the next major move could be determined whether it will defend it or not.

ETHEREUM IS AT A MAKE-OR-BREAK LEVEL.

For years price has respected this rising trendline.

Each touch led to a major move.$ETH is testing it again near $2K.

Hold it: the bull structure stays intact.
Lose it: the macro trend breaks.

Every previous touch resolved violently.… pic.twitter.com/eRauroDcrX

— Merlijn The Trader (@MerlijnTrader) March 7, 2026

Rising Network Activity

Meanwhile, fellow analyst CW noted that there’s a notable uptick in the network activity on Ethereum. The transactions peaked at over 2.5 million at the beginning of the year but quickly plunged to under 2 million. However, they have gone above that level as of the latest data.

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Similar developments mean that investors and users are more inclined to use the network, which is generally a bullish sign for the underlying asset.

After a brief decline, $ETH network activity is increasing again.

Daily transactions are already well above last year levels. Despite the price decline, the network is becoming more active.

This indicates a bullish, not a bearish. pic.twitter.com/ZSICoVnbsO

— CW (@CW8900) March 7, 2026