Ethereum is doing surprisingly well, even with all the economic uncertainty. It’s held strong above important support levels and has significantly outperformed many other cryptos.
Ethereum’s Impressive Run
Since hitting its low point in April, ETH’s value has more than doubled—that’s a massive 100%+ gain! And it doesn’t seem to be slowing down. While other assets are getting hammered by market volatility, Ethereum keeps attracting buyers and climbing.
Analyst’s Bullish Outlook
Analyst Carl Runefelt is very optimistic about Ethereum. He points out its consistent strength on the daily chart. He thinks that if Bitcoin starts trading sideways, Ethereum could break out of its current trading range and lead the next big market rally. He sees Ethereum not just as the second-largest crypto, but as a potential catalyst for a broader altcoin boom.
A Pivotal Moment for ETH
Ethereum is currently trading in a tight range, which many see as a setup for a major move. After its huge rally, it’s now testing key resistance levels around $2,650–$2,700. Despite global economic jitters, Ethereum remains strong, with buyers holding the line above crucial support. Runefelt highlights Ethereum’s resilience, noting its refusal to drop significantly on the daily chart. This suggests strong underlying bullish sentiment. His analysis suggests a potential breakout if Bitcoin stalls, potentially kicking off a long-awaited altcoin season.
Technically, the consolidation looks positive. The price has made higher lows since April and is above major moving averages. $2,300 is looking like solid support, with a potential target of $3,100 if resistance is broken. Runefelt’s scenarios ($3,100 up, $2,300 down) emphasize the importance of this current trading range. With low volume and building volatility, a decisive move seems imminent. A breakout could send ETH to new highs and boost confidence in the entire altcoin market.
ETH Price Check: Daily Chart
Ethereum is currently trading around $2,616, just below the 200-day simple moving average (SMA) at about $2,679. This SMA has been a consistent resistance level. While it’s briefly touched above $2,650, it hasn’t broken through decisively. Overall, ETH is in a consolidation range between $2,480 and $2,700 after its impressive run from April’s lows near $1,800. Shorter-term moving averages are trending upwards, suggesting bullish momentum. Volume is steady but not particularly high, indicating a lack of strong conviction either way. A daily close above $2,700 would confirm a breakout and could lead to a move towards $3,000. If it falls below the $2,480 support, we might see a drop back towards the 100-day SMA near $2,065.
