Recently, independent researcher Markus Thielen shared his view, pointing out that Ethereum's chart is now at a very critical moment.

Carefully examining the trend over the past few years, Ethereum indeed failed to maintain its trend after the last bull market, instead getting stuck in a long-term range, neither breaking out nor falling back. The increasingly narrow triangle pattern resembles a record of the tug-of-war between bulls and bears — years of confrontation condensed into this single chart.

What is the key? 2026 is very likely to be the watershed for this situation. When Ethereum finally breaks out of this long consolidation, the direction it chooses often sets the tone for the entire upcoming cycle. Will it continue upward seeking a breakthrough, or turn back to test the lows? This choice is more important than the price itself, as it determines the main theme for the next one or two years.

So, looking at the chart building momentum now, many are waiting for this moment to arrive.