As optimism returns to the crypto market, Ethereum is gaining momentum. As Bitcoin officially enters its price discovery and has skyrocketed above its all-time high, attention is heading towards ETH. This is currently testing important resistance levels. Ethereum has won over 55% since early May, riding a wave of wider market strength and new investors' trust. However, despite an impressive recovery, ETH is still lagging behind the pace of Bitcoin and has yet to regain its 2021 high.
Top analyst Dern shared a technical view highlighting that Ethereum has been ticking a zone between $2,400 and $2,600 since its explosive move earlier this month. Price action bound to this range shows indecisiveness as buyers remain active but have not yet caused a breakout. Dern points out that Bitcoin has shown strong leadership in pushing to new highs, but Ethereum's performance at this stage is now even more muted.
Still, the setup remains constructive for the bull. The $2,400 level serves as solid support, but resistance above $2,800 remains the next goal to clear for continuity. As Bitcoin continues to lead, ETH could escape this range and follow the BTC lead and raise the new legs, and then line up in the surge next. Now, all eyes are in the next move for Ethereum.
Ethereum prepares for a breakout once Altcoins enter the spotlight
As Bitcoin surges to its all-time high above $111K, the broader crypto market appears to be entering a new phase of momentum that could drive big profits across altcoins. Among them, Ethereum remains in a critical position. ETH has not yet followed the BTC breakout, but it holds support firmly and shows signs of the building's strength. To see bullish continuation, ETH must surpass and decisively break the resistance and lead the Altcoin Rally.
Daan shared a technical view highlighting that ETH has integrated the $2,400 and $2,600 levels since ETH's final aperture was higher. Despite the explosive movement of Bitcoin, Ethereum is again behind. This is the dynamic reflected in the cooling ETH/BTC ratio. This performance has sparked debate among traders, with many waiting for ETH to drive after the next Alt Season.
Dern emphasized that the $2,500 zone is well-protected by the bull, but ETH has yet to produce a compelling breakout. The important resistance level to watch is $2,850. This indicates a technical shift to highs. Conversely, if your ETH falls below $2,100, it could cause a wider pullback. For now, ETH remains bound by scope, but remains calm and market sentiment is beginning to be optimistic by the day.
ETH tests important price levels
Ethereum shows new signs of strength on its four-hour chart, trading around $2,668 at the time of writing. After weeks of consolidation in the $2,400-$2,600 range, ETH pushes towards the upper limit of this zone, suggesting a possible breakout. The recent bounce from around $2,450 in support is strong, with successive green candles and increased volume signaling increasing bullish momentum.
Currently, SMA and EMA for the 200th period, which is $2,077 and $2,1,99 respectively, are well below current prices, confirming a bullish market structure. ETH has surpassed both moving averages since early May, and current price measures appear to be increasing pressure for critical movements.
However, ETH should exceed $2,700 and above $2,700 to confirm breakouts and show continuity towards higher resistance at $2,850 or above. This level has been tested multiple times, but sellers continue to defend it. Breakouts could quickly move to $3,000, but if they can't keep up the current level, ETH could be pulled back to previous support.
Dall-E special images, TradingView chart
