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Ethereum is currently at a crucial point as it nears the $2,700 level, considered a significant resistance that needs to be surpassed by bulls to confirm a positive setup. This development comes on the heels of Bitcoin breaking its all-time high, ushering the cryptocurrency market into a new phase that could lead to substantial gains for altcoins. For Ethereum, this juncture could determine the next phase of its recovery rally.
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Since the beginning of May, ETH has surged over 55%, driven by renewed investor confidence, overall market strength, and a shift of capital from Bitcoin to large-cap altcoins. The sentiment is changing, and Ethereum’s ability to lead this change will likely impact the pace of altseason.
Data from Glassnode underscores the improving fundamentals supporting this surge. In May, Ethereum reclaimed its Realized Price at $1,900, bringing the average holder back into profit after a prolonged period of losses. The price has also risen above the True Market Mean at $2,400, a reliable bullish signal historically. However, a clear break above $2,700 is crucial to validate this trend and attract more momentum-driven capital. The ability of ETH to achieve this confirmation will determine how quickly the altcoin market gains traction following Bitcoin’s breakout.
Ethereum Maintains Strength Amid Growing Altcoin Momentum
Ethereum is leading the charge in the altcoin market as investors position themselves for what many anticipate to be a significant rally in the coming weeks. After months of volatility, ETH has displayed its strength by reclaiming key technical and on-chain levels. Since surpassing the $2,200 mark, Ethereum’s price structure has leaned towards bullish, forming higher lows and consolidating around a crucial resistance zone near $2,700.
The bulls are firmly in control, and Ethereum is once again being looked at as a barometer for overall altcoin sentiment. With Bitcoin’s recent breakout above all-time highs defining the market environment, ETH is well-placed to benefit from the rotation of capital into high-cap altcoins. To fully confirm a bullish continuation, Ethereum must breach and hold the $2,700–$2,900 range.
Glassnode on-chain data provides additional bullish conviction. In May, Ethereum surpassed its Realized Price at $1,900, bringing the average holder back into profit—an event typically signaling renewed investor confidence. ETH has also risen above its True Market Mean at $2,400, a significant historical metric aligning with strong accumulation phases.
However, the ultimate hurdle lies at the Active Realized Price, currently around $2,900. Reclaiming this level would not only confirm a significant structural breakout but also indicate that recent buyers are holding firm and that confidence has returned on a large scale. Until then, ETH remains in a strong position, but the next few sessions will be crucial in confirming whether the market leader in altcoins is prepared to drive the next leg higher.
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ETH Price Tests Major Resistance
Ethereum continues its upward trajectory, with the price currently consolidating around $2,665 after briefly touching $2,734. The daily chart shows ETH maintaining a clear uptrend since early May, with higher lows and robust buying volume supporting the movement. All key moving averages are trending upwards, with the 34 EMA at $2,249 and the 50 SMA at $1,965—both well below the current price, reinforcing the bullish structure.
The immediate technical challenge lies at the 200-day SMA, marked at $2,703. This long-term indicator has previously acted as dynamic resistance in past cycles and will be crucial to monitor. A daily close above this level could trigger a breakout and confirm a broader bullish continuation, potentially opening the path to reclaiming the $2,900–$3,000 region.
Volume has slightly increased on recent green candles, indicating growing demand, but the test of the $2,700 zone could lead to short-term profit-taking. Support levels are observed around $2,445 (100 SMA) and $2,080 (close to the True Market Mean), which would likely serve as a buffer in case of a pullback.
Featured image from Dall-E, chart from TradingView