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Ethereum has regained notable bullish momentum over the past several days, increasing over 23% since June 22 and reclaiming the crucial $2,600 mark. Following weeks of unpredictability and lateral movement, ETH is exhibiting signs of strength, with bulls now targeting a push towards the $2,700 resistance zone. Successfully reclaiming this level could pave the way for an expansive rally, potentially reigniting hopes for the long-anticipated altseason.
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While fluctuations persist in the wider market, Ethereum’s recovery has been noteworthy, especially as macroeconomic sentiment elevates and risk appetite broaden across both equities and cryptocurrencies. The price surge has garnered renewed focus on ETH’s long-term outlook, with leading analyst Ted Pillows asserting that “ETH appears promising and is set to exceed $10,000 in this cycle.” This daring forecast reflects a growing faith among market participants that Ethereum retains significant upside potential, especially as network fundamentals improve and institutional interest escalates.
With the $2,700 mark serving as the next significant resistance, all attention is on whether Ethereum can sustain its momentum and establish a foundation for the next ascent. The upcoming days will be crucial in determining if this rally possesses enduring strength or remains fleeting.
Ethereum Encounters Vital Test As Altcoin Market Observes Attentively
After a week of fluctuations, Ethereum surged 9% yesterday, moving closer to the peak of its long-standing range and indicating the likelihood of a major breakout. Trading between $2,200 and $2,800 since early May, ETH has now returned to the upper end of this consolidation area. Market players believe this could represent a turning point, not only for Ethereum but for the entire altcoin market.
Ethereum continues to be the foundation of the altcoin ecosystem, and its price movements have traditionally dictated the momentum of the broader cryptocurrency space. A definitive move beyond $2,800 could instigate a wave of breakouts across major altcoins, many of which remain suppressed beneath critical resistance levels. Although short-term volatility raises concerns, analysts contend that Ethereum is demonstrating strong indications of resilience and accumulation.
Ted Pillows shared his technical outlook, encouraging traders to maintain focus on the broader context: “Don’t let temporary volatility intimidate you.” He believes that Ethereum is set to surpass $10,000 this cycle. His perspective reflects increasing confidence among seasoned investors who see Ethereum’s current framework as a launchpad for subsequent growth phases.
With Ethereum at a crucial technical juncture and altcoins awaiting confirmation, the coming days could be decisive. A breakout above $2,800 would confirm the rising bullish sentiment and possibly ignite the long-anticipated altseason.
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ETH Tests 200-Day MA Following Breakout
Ethereum is exhibiting renewed vigor after reclaiming the $2,600 mark and closing above all primary moving averages on the daily chart. As illustrated in the image, ETH surged past the 100-day and 200-day moving averages, which had served as dynamic resistance near $2,516. This signifies a crucial technical achievement, indicating that bullish momentum may be resurfacing.
The breakout candle is accompanied by increasing volume, an encouraging indication that the movement is supported by genuine market involvement. If ETH can sustain levels above the 200-day MA, the next essential threshold to monitor is $2,700 — the peak of the range that has persisted since early May. A decisive closure above $2,700 would pave the way for additional gains, possibly testing the $2,900–$3,000 resistance area.
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Support continues to linger around the $2,500 mark, where the 50-day and 100-day MAs intersect, providing a robust confluence zone if any correction takes place. Should bulls preserve their momentum and remain above the moving average cluster, the likelihood of a more significant trend reversal rises.
Ethereum’s current configuration appears favorable, and market participants are attentively observing for continuation, particularly as macro sentiment improves and altcoin strength begins to resurface.
Featured image from Dall-E, chart from TradingView
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