Ethereum just had its best week in years, surging 45%! This massive jump has everyone talking about a potential altseason.
Ethereum’s Breakout
After months of feeling pretty down, Ethereum is finally showing some serious strength. This huge price increase is causing a shift in how investors see the altcoin market. Analysts believe this could be the start of a much bigger rally. One analyst, Daan, points out that this wasn’t just a random jump; it was a combination of a technical breakout and a short squeeze – meaning lots of people betting against Ethereum got caught off guard. This wiped out a lot of negative sentiment and changed the overall market momentum.
Ethereum Tests Key Resistance
Ethereum’s recent climb has brought it to some important resistance levels. These levels will determine if this rally is just a temporary thing or the start of a longer upward trend. Daan calls this a “big level” and emphasizes the importance of watching how Ethereum behaves here. He advises a cautious approach, suggesting to focus on each price level and monitor the market’s response.
This isn’t just about Ethereum; it’s a big deal for the whole altcoin market. Ethereum’s performance often leads the way for other altcoins. If Ethereum keeps its momentum, we could see a major altseason, possibly the strongest since 2021.
The Technical Picture
Looking at the charts, Ethereum is showing strong signs of recovery. It’s broken above important long-term moving averages for the first time since its downturn earlier this year. This is a significant technical indicator, suggesting a possible shift from a bear market to a bull market. The volume of trading has also increased significantly, further supporting the idea that this isn’t just a short-term spike.
While there’s still some resistance around $2,700–$2,800, breaking through that could lead to a sustained rally. The next few weeks will be crucial to see if this bullish trend continues.
