Ethereum continues to demonstrate strength, maintaining a strong position above critical support levels and outperforming significant portions of the crypto market amid escalating macroeconomic uncertainties. Since hitting its lows in April, ETH has remarkably doubled in value, gaining over 100%, and it shows no signs of slowing down. While numerous assets grapple with intense selling pressures due to volatility in global markets, Ethereum remains resilient, attracting consistent buying interest and firmly holding its upward trend.
Top analyst Carl Runefelt recently shared a bullish perspective, highlighting that Ethereum’s price remains robust on the daily timeframe. According to Runefelt, should Bitcoin start to move sideways, Ethereum might seize this opportunity to break free from its current consolidation triangle, potentially leading the next phase of the market rally. His analysis underscores Ethereum’s unique positioning—not just as the second-largest cryptocurrency by market capitalization, but also as a likely driver of the next altseason.
With ETH holding above $2,600 and nearing key resistance zones, market participants are keenly observing the situation. A decisive breakout could spark significant momentum across altcoins and signal the start of a new phase in the current bull cycle. Ethereum’s performance continues to solidify its status as the backbone of the wider digital asset ecosystem.
Ethereum At A Pivotal Range: Bulls Eye Breakout
Currently, Ethereum is trading within a tight consolidation range that many investors view as the launching pad for its next major move. Following a noteworthy rally that saw ETH gain over 100% since April, the asset is now testing crucial resistance levels, particularly around the $2,650–$2,700 mark. Despite facing recent macroeconomic tensions, including rising US Treasury yields and ongoing geopolitical risks, Ethereum continues to show remarkable strength, with bullish investors firmly holding the line above critical support.
Runefelt emphasized that Ethereum “refuses to dump on the daily timeframe,” indicating a strong underlying bullish resilience. His analysis suggests that if Bitcoin enters a sideways movement, Ethereum could break out of its consolidation triangle to the upside, potentially generating the long-awaited altseason.
From a technical standpoint, the current consolidation seems constructive. The price has formed higher lows since April and remains above all major moving averages across key timeframes. The $2,300 level is establishing itself as a strong base, while the bullish target is set at $3,100 if resistance is cleared.
Runefelt’s analysis presents both bullish and bearish scenarios—$3,100 on the upside and $2,300 on the downside—highlighting the importance of the current trading range. As trading volume compresses and volatility builds, Ethereum appears poised for a significant movement. Should a breakout occur, it could propel ETH to new cycle highs and ignite broader confidence throughout the altcoin market.
ETH Price Analysis – Daily Chart Overview
Presently, Ethereum (ETH) is trading at $2,616, hovering just below the 200-day simple moving average (SMA), which sits at around $2,679. This level has acted as a consistent resistance zone over recent weeks, with ETH struggling to close decisively above it. Despite multiple intraday rallies above $2,650, the price has yet to confirm a breakout.
When examining the broader market structure, ETH remains in a consolidation range between $2,480 and $2,700 after a remarkable rally from its April lows around $1,800. The 34-day EMA ($2,406) and the cluster of shorter-term SMAs are on an upward trend, indicating that medium-term momentum is still favoring the bulls.
Volume has been relatively stable but lacks strong conviction from either side. A decisive daily close above $2,700 could confirm a breakout and unlock potential movement toward the $3,000 mark. Conversely, if ETH fails to maintain support around $2,480, we might witness a pullback to retest the 100-day SMA near $2,065.
Featured image from Dall-E, chart from TradingView
