Ethereum (ETH) continues to show strength as it defies broader market volatility, maintaining price levels above $2,600. Since hitting April lows near $1,800, ETH has gained over 100%, outperforming much of the crypto market. Analysts suggest that Ethereum is gearing up for a potential breakout that could mark the beginning of a new altseason.
📈 Ethereum Signals Resilience on the Daily Chart
Crypto analyst Carl Runefelt shared a bullish outlook, noting Ethereum’s consistent strength on the daily timeframe. He pointed out that ETH is “refusing to dump,” even amid macroeconomic pressures like rising U.S. Treasury yields and global geopolitical tensions.
“If Bitcoin starts moving sideways, Ethereum could break out of its triangle and lead the rally,” Runefelt stated.
With ETH holding firmly between $2,480 and $2,700, this triangle formation has become a focal point for traders. If Ethereum breaks above the resistance around $2,700, momentum could carry it toward the next major level at $3,100.
🔍 Ethereum Daily Chart: Technical Overview
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Current Price: $2,616
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200-Day SMA: $2,679 (resistance zone)
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Support Zone: $2,480
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Bullish Target: $3,100
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Key Base Support: $2,300
Ethereum has formed a series of higher lows, maintaining a constructive technical structure. The 34-day EMA is trending upward, and the price is still trading above all major short-term moving averages.
ETH consolidates below $2,700 | Source: ETHUSDT chart on TradingView
🔄 Breakout or Breakdown: What’s Next?
Runefelt outlines two key scenarios:
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Bullish: A breakout above $2,700 confirms upward momentum, potentially taking ETH to $3,100 and fueling altcoin rallies.
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Bearish: A drop below $2,480 could trigger a retest of the 100-day SMA near $2,065.
Volume remains muted, indicating indecision. But analysts agree that as long as ETH holds above $2,480, bulls remain in control.
🧠 Ethereum’s Role in Market Leadership
Ethereum’s consistent performance positions it not just as the second-largest cryptocurrency, but as a potential driver of the next crypto bull phase. Its ability to withstand volatility underscores its maturity and investor confidence.
As market participants await a confirmed breakout, Ethereum’s current setup suggests that a decisive move is imminent — one that could spark renewed confidence across the altcoin space.