Ethereum Eyes Major Move as Price Retests Key Resistance Zone
Ethereum (ETH) is once again testing a critical resistance level amid a steady recovery. After a 3% daily gain, the second-largest cryptocurrency is consolidating just below a crucial price ceiling, raising questions: will ETH break out or face another rejection?
ETH Stuck in $2,475–$2,680 Range Since May
Since its breakout in early May, Ethereum has remained trapped within a narrow $2,475–$2,680 range. Despite several attempts, it has failed to flip the upper boundary into support. After retracing 11% from its recent high of $2,788 during last week’s market dip, ETH bounced back from the lower end of this range on Monday.
By midweek, Ethereum reclaimed the $2,500 mark and surged 3.2% to test the $2,680 resistance zone. However, it quickly pulled back to $2,635, continuing its sideways trajectory.
Analysts Spot Ascending Triangle: 15% Move Imminent?
Crypto analyst Carl Runefelt, host of The Moon Show, highlighted Ethereum’s tightening price action. According to him, ETH is forming an ascending triangle, with resistance between $2,680–$2,700 and rising support underneath.
Runefelt believes a 15% breakout could be on the horizon if ETH breaks out of the triangle. His bullish target? $3,100. Conversely, another rejection at this level could send the price falling to the $2,300 support zone.
ETH Dominance Signals 15–20% Breakout Potential
Another analyst, Crypto Bullet, pointed to similar ascending triangle patterns across multiple ETH charts. ETH Dominance appears ready to break out on the 12-hour chart, while both ETH/USD and ETH/BTC pairs approach the upper edge of a one-month symmetrical triangle — indicating that a large move is brewing.
Breaking $2,850 Could Trigger a Major Bull Run
According to Crypto Jelle, reclaiming the $2,680–$2,850 zone would be a turning point for Ethereum. A successful breakout here could push ETH above a long-standing ascending trendline and potentially set the stage for a rally toward new cycle highs.
Ethereum's Rally Mirrors Bitcoin’s 2020 Bull Cycle
Analyst Ted Pillows pointed out a striking similarity between Ethereum’s current behavior and Bitcoin’s price action in 2020. He noted that ETH has printed four consecutive bullish 2-week candles since its April 7 bottom, mirroring BTC’s post-COVID crash recovery.
He believes that if the trend continues, Ethereum could be on track to reach new all-time highs in the coming months.
Wyckoff Pattern Suggests ETH is Ready to 'Jump the Creek'
Merlijn The Trader echoed the bullish sentiment, citing Wyckoff’s Spring & Test phase as evidence that ETH is gearing up for a major breakout. According to him, the current structure “screams one thing: Jump. Across. The. Creek.”
Current Price Action
At the time of writing, Ethereum is trading at $2,632, marking a 44.2% increase over the past month.
Summary:
Ethereum is showing strong consolidation within a bullish setup. If it can break above the $2,680–$2,850 resistance zone, analysts expect a 15–20% surge — possibly even a run toward new all-time highs. However, a rejection could push ETH back to $2,300. Traders are watching closely.
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