Ethereum price has broken above the $2600 level in just a few days, indicating the start of a new bullish breakout structure. Ethereum price is now trading at $2,620, up almost 3% on the day, with sustained bullish momentum. After breaking resistance, the bulls are currently aiming for the $2,700 level.
Ethereum price has been able to repeatedly fend off the $2,400–$2,500 range and create a solid support cushion. It’s worth noting that the cryptocurrency’s Relative Strength Index (RSI) value is currently at 59.9. Yet, a little bit below that magic 60 threshold, which usually hints at a big wave to come.
In case the bullish momentum persist, Ethereum might rally up to 40% from its latest swing low of around $2,400. This rush could drive its value closer to $3,360. Market analysts have been hyper-focused on what Ethereum’s performance means, pointing to higher levels of interest and growing, more vocal debate over its burgeoning ecosystem.
"Inflow metrics indicate stronger interest in Ethereum; discussions around its ecosystem are intensifying, even as Bitcoin’s dominance appears to wane. This pattern, if sustained, would herald a potent altcoin phase over the next few days." - An unnamed analyst
As the Heikin Ashi candles for Ethereum illustrate, we are in a period of healthy consolidation above $2,500. They are creating a very deliberate range while making marginally higher lows. This alarming trend provides little granularity at best. This means that whales are most likely building their Ethereum positions under the $2,500 mark.
The primary resistance level is $2,800. If bulls can break and flip $2,800 into support on solid daily volume, they’ll have their eyes on the next target. For Ethereum that target would be $3,200-$3,300. It’s this possible breakout that could ignite a huge rally. It would be a far cry from the momentum Ethereum saw back in May, sparking a huge altcoin rally.
If the whole market crashes, Ethereum’s price could sink with it. If so, it would likely retest the $2,500–$2,550 area as a support structure. Investors must keep a watchful eye on these key levels to understand how strong the bullish momentum is and whether it can continue.
