Despite mounting macroeconomic concerns, Ethereum (ETH) continues to show resilience, maintaining its position above key support levels and outperforming the broader crypto market. Since bottoming out in April, ETH has surged more than 100%, more than doubling in value — and momentum shows little sign of slowing.
Currently trading above $2,600, Ethereum is approaching critical resistance levels that have market participants on high alert. The asset’s tight consolidation range is being viewed as a potential springboard for its next major move. With ETH pressing against resistance between $2,650 and $2,700, traders are watching for signs of a breakout.
Crypto analyst Carl Runefelt noted that Ethereum "refuses to dump on the daily timeframe," pointing to bullish underlying strength. According to his analysis, if Bitcoin remains range-bound, Ethereum could break out of its consolidation triangle to the upside — potentially igniting a long-anticipated altcoin season.
From a technical perspective, consolidation appears constructive. ETH has been forming higher lows since April and is trading above all major moving averages. Support around $2,300 is firming up, and a breakout above resistance could open the door to a bullish target around $3,100.
Runefelt outlines two primary scenarios: a bullish case toward $3,100 and a bearish fallback to $2,300 — the current range defining Ethereum's near-term outlook. With trading volume subdued and volatility increasing, a decisive move in either direction could be imminent. A confirmed breakout could propel ETH toward cycle highs and energize the broader altcoin market.
As of now, Ethereum is priced at $2,616 — just below the 200-day Simple Moving Average (SMA) at $2,679. Despite several intraday pushes above $2,650, ETH has yet to sustain a clear breakout.
Having rallied from its April low near $1,800, Ethereum is consolidating between $2,480 and $2,700. Short-term moving averages, including the 34-day EMA at $2,406, continue to trend upward — suggesting continued medium-term bullish momentum.
However, volume remains modest, signaling hesitation from both bulls and bears. A clean daily close above $2,700 could confirm a breakout, potentially targeting $3,000 next. Conversely, failure to hold $2,480 could see ETH retesting the 100-day SMA support near $2,065.
