Recent technical analysis indicates that Ethereum is approaching a critical level formed over many years. The consolidation range is continuously narrowing, suggesting that a decision on the direction may be imminent.

Looking back at Ethereum's price movement, it becomes clear. During 2020 to 2021, the expansion of the smart contract ecosystem and the narrative of "programmable money" drove prices sharply higher, with the market speculating it could reach $10,000. However, the reality is that ETH did not sustain that upward momentum and instead entered a prolonged period of consolidation, fluctuating within a triangle range. Two breakout attempts failed, which is why the current situation feels so stuck.

Interestingly, 2026 could become a key window for ETH to make its directional choice. Whether it can break through the resistance or continue consolidating, time will tell. This cycle is a bit uncomfortable due to its length, but precisely because of that, once the direction becomes clear, the potential reaction could be quite fierce.