Ethereum’s native token, Ether (ETH), is displaying a combination of technical and onchain signals reminiscent of the early stages of its 2017 bull run, which saw gains of over 25,000%. The current scenario includes Ether price printing a rare monthly Dragonfly doji candlestick, typically observed before major ETH bull market cycles. Additionally, ETH is revisiting its long-term parabolic support zone that foreshadowed its historic 2017 rally. The MVRV Z-Score has also entered the accumulation zone, indicating undervaluation. The monthly chart for Ether reveals the Dragonfly Doji candlestick, suggesting a rejection of lower prices and a potential resurgence of bullish control after a prolonged downtrend. The pattern was previously observed in December 2016 before Ether surged from under $6 to over $1,400 in a year. A similar albeit smaller pattern was noted in 2021 and 2023, resulting in ETH gains of over 80% and 145%, respectively. If the bulls confirm the signal with a strong May open above April’s high of around $1,950, Ethereum could initiate another multi-month rally targeting $2,100 initially. Technical analyst Merlijn the Trader highlights Ethereum retesting its long-term parabolic support, historically a catalyst for new uptrends. This pattern resembles the setup in early 2017, where ETH bounced off the same trendline to reach $1,400 from $6. The current retest in 2025 mirrors the breakout setup, hinting at a possible cyclical repetition. Onchain data, particularly Ethereum’s MVRV Z-Score, indicates an accumulation sentiment similar to the ICO-era, reinforcing the notion that ETH may have hit its cycle bottom. Previous dips into the green accumulation zone coincided with market bottoms and preceded substantial rallies. It’s essential to note that this article does not provide investment advice, and readers are encouraged to conduct their research before making any financial decisions.