"ETH seems poised for a significant bullish breakout," said MN Capital founder Michael van de Poppe in a post on June 3 on X.
"Ethereum is trying to reclaim $2,500 as support and consolidate it as the new low of the macro range of $2,500-$4,000," said analyst Rekt Capital in his latest analysis of ETH/USD on X.
The analyst referred to Ether closing above $2,500 on May 31, which ETH bulls are now trying to turn into support on the monthly chart.
"Ethereum is attempting to repeat history and position itself similarly to the new test of the green circle from mid-2021."
If history repeats itself and Ether remains above $2,500 in June, a significant rally towards new all-time highs becomes likely.
Analyst Crypto Eagles stated that the price of ETH appears to be repeating the technical structure of 2016-17, which could set the stage for a rally to $6,000.
