Ethereum is poised at the forefront of the crypto market, while Bitcoin remains stable near its peak values. After lagging behind BTC for a while, ETH is now taking a bullish turn with the price inching towards the critical $2,800 resistance, a level that has consistently hindered upward momentum since early February. This resistance level is now the primary focus for Ethereum’s next significant leap.
Market sentiment is changing as Ethereum displays potential of regaining dominance, fueled by renewed demand and robust technicals. Highly regarded analyst, Ted Pillows, has commented on this rally, highlighting the crucial $2,850 mark. Pillows believes that this is the most formidable resistance Ethereum has encountered in this cycle, and overcoming it could pave the way for a mighty surge towards $3,000 and beyond.
ETH’s resilience amidst macroeconomic challenges has been augmenting this bullish conviction. If the bulls manage to convert this resistance into support, it could kickstart a widespread altcoin surge. Currently, the focus remains on Ethereum as it teases a breakout that could redefine market dynamics entering June.
Ethereum Eyes Expansion Phase Amid Shifting Global Dynamics
Ethereum is gearing up for a potentially expansive move as both technical indicators and market sentiment continue to back its rise. After weeks of consolidation and steady gains, ETH is now challenging the $2,850 resistance—a level that has been suppressing the price since February. This indicates that Ethereum is not only regaining momentum but could also spearhead the next stage of the crypto rally.
Despite the uncertainty brought about by the recent U.S. Federal court decision to abolish former President Trump’s tariffs on various countries, Ethereum seems to be flourishing. There’s a growing belief that crypto assets like ETH could fare well under strained economic conditions, and the current price action reinforces that view.
In his latest analysis, Pillows stated that if Ethereum manages to reclaim the $2,850 level in the upcoming sessions, the path to $4,000 will unfold rapidly. This would mark a significant breakout, possibly triggering a capital rotation from Bitcoin and stablecoins into altcoins.
At present, ETH is on the brink of a breakout. If it can decisively surpass the resistance, it would validate the onset of an expansionary move that could reshape the broader market, positioning Ethereum as a key player in the next phase of the cycle.
ETH Reclaims Weekly Key Levels
Ethereum is exhibiting renewed strength on the weekly chart, currently trading at $2,728.36 after hitting a peak of $2,789.50. This recovery from recent lows near $1,600 validates the formation of a solid uptrend.
ETH has now regained the 34-week EMA at $2,511.42 and is pushing past the 100-week SMA at $2,605.71. These moving averages are now acting as dynamic support levels, bolstering bullish sentiment.
The next key level to monitor is the 50-week SMA, currently at $2,729.64, a smidge above the current price. A confirmed weekly close above this level would be the first time ETH has sustained strength above it since late 2023. This could trigger a push towards the $3,200–$3,600 zone, with $4,000 within reach if momentum picks up.
Volume has also seen an uptick on this recent move, indicating healthy buyer participation. Past recoveries from major moving average clusters have typically preceded extensive price swings in Ethereum’s favor.
As long as ETH maintains this structure and closes the week above $2,700, the bulls are likely to retain control. The breakout above $2,850—last defended in early 2024—remains the final obstacle before Ethereum can challenge previous cycle highs.
