[DigitalToday reporter Jinju Hong] An analysis says Ethereum (ETH) is again showing macroeconomic signals that appeared just before the major rally in 2021. With global liquidity indicators and the U.S. small-cap index moving in patterns similar to the past, it raises the possibility that Ethereum is preparing for another triple-digit rally.

Cointelegraph reported on Jan. 27 that cryptocurrency analyst Psychodelic pointed to a recurring three-stage pattern among global liquidity, the Russell 2000 index and Ethereum’s price. The sequence unfolds as a breakout in global liquidity, a subsequent rise in the Russell 2000 and then a delayed breakout in Ethereum. He analysed that the same flow is appearing again on the monthly chart.

According to Psychodelic, global liquidity has already broken above a major resistance level and the Russell 2000 has tracked it higher to around record-high levels. Ethereum, by contrast, has historically lagged such macro indicators and typically entered a full-fledged uptrend weeks to months later. In 2021, Ethereum’s major rally began about 119 days after the Russell 2000 confirmed a breakout. If the pattern repeats, some see Ethereum’s breakout timing as around March 2026.

The Russell 2000’s monthly candlestick pattern also nearly matches the previous up-cycle, suggesting risk appetite is strengthening again. From March to November 2021, when these conditions were last met at the same time, Ethereum surged about 226 percent. That supports the view that macro conditions such as global liquidity, rather than short-term technical indicators, drive the long-term trend for high-beta assets such as Ethereum.

On-chain data also support a bullish scenario. CryptoQuant data show the realised price for Ethereum accumulation addresses has recently risen to around $2,720. The metric reflects the average purchase price of long-term holders and has served as a strong support level even during past downturns.

Analysts say if Ethereum’s price retests that zone, the downside is likely to be limited to about 7 percent. They also see potential for a local bottom to form around $2,720. That level also overlaps with an external liquidity zone, and they assess that a retest could have a high chance of a trend reversal.