Ethereum breaks out from a 5-month wedge, surging over 20% in 24 hours.
Massive buying pressure as whales accumulate and exchange reserves sharply decline.
RSI and Stoch show overbought signals, but momentum remains strongly bullish.
Ethereum — ETH, has finally shaken off the weight of consolidation. After months of range-bound movement, the top altcoin exploded past $2,200 with a 17% surge in 24 hours. This breakout didn’t just catch eyes—it ripped through $750 million in bearish bets. Market watchers knew something big was brewing. Now, the long-awaited move has arrived, dragging the broader altcoin market out of hibernation and setting the tone for what's likely a volatile, bullish chapter ahead.
https://twitter.com/CryptoFaibik/status/1920728605400666367 Ethereum Leads the Charge as Momentum Returns
Ethereum's price action paints a powerful picture. The breakout from a five-month descending broadening wedge has now been confirmed. Traders saw the pattern forming, but few expected such a sharp move. This 20% jump on Thursday took Ethereum above the critical $2,000 mark, injecting new life into the market. Driving this rally was news of a full trade agreement between the US and UK. The announcement removed key tariffs on aluminum and steel, softening global trade tensions. Sentiment shifted fast, and Ethereum roared back to life.
Large investors joined the rally without hesitation. On-chain data shows Abraxas Capital scooped up over 49,000 ETH using Binance and Kraken. That buying spree helped drain exchange reserves by 132,000 ETH in just four days. Since late April, reserves have dropped by 323,000 ETH. This exodus from exchanges signals intense buying pressure and growing investor confidence. Even the derivatives market echoed the excitement. Ethereum’s open interest surged to 12 million ETH, worth $25 billion. That level of activity reflects bullish conviction and institutional engagement.
What’s Next for ETH?
Adding fuel to the rally, Ethereum also gained momentum from Bitcoin’s historic leap past $100,000. Stocks joined the party as the S&P 500 and Nasdaq-100 both posted over 1% gains. The strong correlation between traditional finance and crypto played to Ethereum’s advantage, amplifying its push upward. Ethereum's path now points toward the $2,550 resistance level.
A clean break could open the gates to $3,840. With both the RSI and Stochastic Oscillator signaling overbought conditions, short-term corrections remain possible. But the mood in the market has clearly changed. The recent Pectra upgrade boosted optimism. Developers now turn their focus to the next upgrade, Fusaka, set for year-end. Meanwhile, the Ethereum Foundation awarded $32 million in Q1 grants.
These funds support ecosystem growth in cryptography, education, tooling, and consensus. Ethereum is not only bouncing back but also pushing boundaries again. The breakout from this massive wedge signals renewed belief in long-term potential. While volatility remains part of the journey, Ethereum now carries the firepower to lead the altcoin pack into the next phase.
