Ethereum price rises, expected range high

Ethereum has been trading within a clear consolidation range, fluctuating between $2,400 and $2,700 since early May.

After reclaiming the $2,500 mark and turning it into a support level, ETH now seems poised for a breakout. Ted Pillows emphasized this shift in momentum, stating that Ethereum "looks good" and may soon return to the upper boundary of the range.

However, despite Ethereum's strong performance, the overall market sentiment remains mixed.

Bitcoin has failed to break through its all-time high, putting pressure on the cryptocurrency market, while altcoins continue to struggle to find their footing. Although the macroeconomic uncertainty has eased somewhat due to encouraging U.S. employment reports and legislative progress, headwinds still exist. Rising U.S. Treasury yields and the Federal Reserve's ongoing delay in interest rate cuts have created a cautious market environment.

Nevertheless, Ethereum's ability to hold above $2,500 indicates a bullish market sentiment.

If the price continues to rise and eventually breaks above $2,700, it could trigger broader volatility in altcoins, reigniting market momentum. However, if there is no breakout in the short term, a new round of consolidation, or even a pullback, remains possible. This week could be crucial in setting the tone for the next phase of the Ethereum and altcoin market.