The launch of Pi Network's Mainnet draws a comparison with the initial pricing models of Ethereum.

Pi Network (PI), a cryptocurrency project developed over six years, activated its mainnet on February 20, 2024. The launch drew attention due to the mobile-accessible mining model and initial price volatility. After launching near $3, PI adjusted down to a range around $1, reflecting patterns seen in the early trading phase of Ethereum. The technical chart shows that PI is consolidating in a descending wedge pattern, a structure that often precedes bullish reversals. Ethereum exhibited similar behavior after its launch in 2015, when it traded near $1 before breaking out of a wedge pattern and soaring over 1,400% in the following months. Analysts at ETHNews note that PI's current position closely aligns with the setup before Ethereum's breakout, including its proximity to the 15-day moving average (MA 15 days ).

The rise of Ethereum is driven by the adoption of smart contracts and developer activity. Pi Network, although boasting a large user base, has yet to establish equivalent utility. Its roadmap emphasizes expanding use cases, but tangible applications are still in development. ETHNews warns that mere chart similarities do not guarantee identical outcomes, as fundamental factors differ.

The price trajectory of PI may depend on external factors, including the broader cryptocurrency market trends, exchange listings, and the rollout of network features. Technical analysts emphasize that the $1 level is a testing zone, with a move to maintain above the 15-day MA potentially signaling momentum. Ethereum's precedent shows that such breakthroughs can precede rapid gains, although replicating its scale remains uncertain. The project's mobile mining method, which allows users to earn tokens through a smartphone app, has drawn attention from millions globally. However, there are still many questions about how PI will transition from the token-earning platform to a functional blockchain. The developers have not disclosed a timeline for major upgrades, leaving the adoption timeline unclear. ETHNews also notes the difference in initial liquidity. The initial trading of Ethereum involved limited exchanges, while PI is listed on multiple platforms after its launch. This broader accessibility may reduce volatility compared to Ethereum's historically stronger fluctuations. While the PI community speculates about breakthroughs, the network faces common challenges for new blockchains, including providing security and scalability. The success of Ethereum stems from addressing unique issues; PI must identify its proper positioning to maintain long-term demand.

Currently, the price action of PI presents a cautiously optimistic story. Traders are waiting for signals on whether the technical patterns can overcome the fundamental gaps. The coming months will determine whether PI will follow the historical path of Ethereum or carve out its own distinct way.