Ethereum Surges 75% Above April Lows, Eyes Potential Breakout
Ethereum (ETH) is currently trading 75% above its April lows but remains about 98% below its all-time highs. Analysts are observing a potential shift in market sentiment, with ETH positioned as a candidate to initiate an altseason.
Key points include:
- ETH has retested its lower channel, a pattern preceding significant rallies in 2017 and 2021.
- Despite macroeconomic uncertainties, buyer interest is rising.
- Pillows' analysis indicates historical patterns suggest a possible conservative target of over $10,000 if previous cycles repeat.
Currently, Ethereum is consolidating around $2,422 after reclaiming the $2,400 support zone but faces resistance levels at $2,518 and $2,536 (50- and 100-period SMAs). A breakout above $2,550 could signal renewed strength and potential movement towards $2,800.
Critical support levels include $2,200 and the 200-period SMA near $2,160. Failure to hold these levels may lead to bearish sentiment.
