Ethereum surged over 5% yesterday, surpassing the significant $2,700 threshold and signaling renewed strength across the altcoin market. After several weeks of sideways and volatility, this move marks a small yet significant breakout, rekindling bullish sentiment among investors and traders. This breakout occurs amidst Bitcoin's continued consolidation below its all-time highs, allowing ETH and other altcoins to take the lead.
Market participants are closely monitoring Ethereum's price movements, as its volatility often shapes the overall trend for the entire altcoin market. Leading analyst Ted Pillows has shared technical insights emphasizing that ETH is once again trading at the top of its recent price range. Breaking through this level could confirm the start of a larger expansion phase for altcoins.
With the growth momentum forming and Ethereum maintaining above the recovered support levels, traders are increasingly confident that the altcoin market may soon see a stronger breakout. However, significant resistance still lies ahead, and the coming days will be crucial in determining whether Ethereum has enough strength to continue rising and lead a new advance in the cryptocurrency cycle.
Ethereum Trading at High Levels: The Breakout is Near
Ethereum has spent the past few weeks consolidating within a clearly defined range between $2,400 and $2,800, a structure that began forming in early May. Despite short-term volatility, ETH has maintained key support levels, indicating that buyers are still in control. Now, with the price action once again approaching the upper boundary of the range, the market is closely watching to see if Ethereum can break through the resistance and initiate a sustainable uptrend.
The broader macroeconomic backdrop has shifted in favor of risk assets. In the U.S., strong labor market data and wage growth have helped alleviate recession fears. Meanwhile, resolving some global geopolitical tensions has eased uncertainty, allowing the market to stabilize. This supportive environment could provide Ethereum with the necessary momentum to break out.
Ted Pillows recently emphasized that Ethereum is once again trading at a peak — a price level that has repeatedly constrained bullish momentum in recent months. According to Pillow, a confirmed break above the $2,800 resistance could trigger new momentum for ETH and potentially create a broader volatility wave across the altcoin market.
Resistance Level of $2,800 is Currently in Sight
Ethereum is demonstrating renewed strength as it breaks out of a multi-week accumulation zone, with the latest 12-hour candle closing above $2,760. The price action has decisively reclaimed the $2,700 level and is currently testing the critical resistance area of $2,800. This breakout is supported by a significant increase in trading volume, confirming the bullish momentum.
The 50, 100, and 200-period moving averages are all trending upward and currently lie below the current price level, a strong technical signal indicating sustainable growth momentum. ETH has surpassed all three major SMA lines, confirming that the buyers are in control in the short to medium term. Notably, this is ETH's highest trading level since early June, and the candle structure resembles a classic continuation breakout pattern.
A successful close above $2,800 will open up opportunities for upward momentum towards the $3,000 level and possibly even higher if the uptrend continues. However, the key now lies in whether buyers can maintain this upward momentum without being immediately rejected at the resistance level. If ETH can hold above $2,700 and build a support level, this breakout could serve as a launchpad for altcoins, especially as Ethereum often leads overall market movements.