Ethereum is currently trading above $2,500 and continues to gain bullish momentum, bringing its fresh daily high of $2,609. After months of uncertainty and sideways, sentiment turned strongly in favor of the bull. Market optimism is supported by the fact that Bitcoin breakout exceeded $100,000, attracting attention to Altcoins and setting the stage for potential Altseseasons.
Ethereum’s sharp recovery from low has attracted the attention of top analysts. In it, Ted Pillow shared a technical breakdown, highlighting that the ETH reversal has officially begun. According to Pillow, a sudden correction of under $1,400 earlier this year marked the final stage of the surrender. He points to the Wykov accumulation structure of textbooks during that period, suggesting that the foundation was laid for a sustained bullish breakout.
This recent rally not only broke through major resistance levels, but also confirmed higher heights in the daily time frame. This could serve as a catalyst for Ethereum’s next leg. As the wider crypto market awakens and capital rotation intensifies, ETH appears to be leading the charge, indicating that the much-anticipated revival of Altcoins may be ongoing.
Ethereum Reversal signals the start of a new cycle
Ethereum finally shows its true strength after months of bear pressure. Since peaking in late December, ETH has lost more than 66% of its value, cutting down much of the Altcoin market. However, recent price action has turned the emotions upside down. Since early April, ETH has skyrocketed over 85%, surpassing several key resistance levels and regaining its $2,500 zone with momentum. This change has sparked optimism among analysts and investors, raising expectations for AltSeason.
For many, Ethereum’s breakout represents more than just a short-term relief rally. It is considered a confirmation of a trend reversal. According to Pillow, the sudden drop below $1,400 marked the final surrender stage of Ethereum’s correction cycle.
He notes that this phase is perfectly in line with Wyckoff’s accumulation principle. With the pattern fully complete and the ETH gathering rapidly, the pillow claims that an inversion is ongoing.
His outlook is clear. If current momentum applies, ETH could reach $4,000 by the third quarter. He sees it as the basis for not only the revival of Ethereum, but also the broader altcoin rally. With ETH historically leading the Altseasons, its strength could soon ripple over other undervalued assets.
Ethereum finds resistance after an explosive rally
Ethereum has made an incredible recovery, winning a new local high of $2,609, around $1,370 in more than a month since April. This is nearly 90% profit. The chart shows a strong breakout that slices the previous zone of resistance and brings solid ETH over $2,500. However, prices are currently at $2,701 just below the 200-day SMA and $2,431 for the 200-day EMA, two historically important resistance zones.
The volume surges along the price, indicating strong participation and convictions from buyers. However, after touching $2,609, ETH began to show signs of integration as the daily candles printed minor ritras. This could be an indication of temporary fatigue as the Bulls digest their recent profits. Short pullback or lateral movement around this zone will result in healthy development before attempting to break $2,700 in resistance.
If Ethereum can regain its 200-day moving average cluster with a strong volume, it could set a stage heading towards $3,000. On the downside, over $2,400 is key to maintaining bullish momentum. With macro emotions improving and altcoins gaining strength, ETH remains a key asset for viewing in the current cycle.
Dall-E special images, TradingView chart
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