Ethereum Surges 11% to $2,480, Signaling Potential $3,200 Breakout

Ethereum has recently shown significant movement, surging from below $2,220 and entering a Wyckoff phase that aligns with a tested spring structure. This phase is characterized by a strong test candle, which has confirmed the path toward the Last Point of Support (LPS) as the price crossed $2,480. The Wyckoff accumulation pattern, which began with Preliminary Support (PSY) and ended at the Spring phase, includes key stages such as the Automatic Rally (AR), Secondary Test (ST), and Buying Climax (BC) that occurred through May and June. A visible downward structure called the “Creek” developed during the decline from above $2,800.

Following the “Test” of the Spring zone, the price has rebounded strongly above $2,440 and is now near the resistance at $2,520. The LPS phase is currently in progress. If the creek breaks with support above $2,520, Ethereum could push higher and possibly reach near $3,200. This jump across the creek signals a transition from accumulation to trend expansion, with key resistance zones lying between $2,700 and $2,900, followed by projected breakout levels nearing $3,200. Price action from this stage will likely determine if the asset confirms the full accumulation cycle.

Ethereum appears to be positioning for a Sign of Strength (SOS), typically seen before a steep continuation to the upside. The price has successfully recovered from its Spring at levels below $2,220. The Test candle confirmed strong buyer interest, which propelled the price back into the mid-$2,400s. This shift suggests increasing market confidence and reduced selling pressure. Once Ethereum breaks the $2,520 level and confirms LPS, analysts expect a move toward the $2,800–$3,000 range. A further rally may aim at the $3,200 mark, as indicated by the projected SOS line in the schematic. Each of these levels represents potential resistance and confirmation checkpoints for market participants.

This formation mirrors classic Phase D and E from Wyckoff theory, signaling a change from reaccumulation to full breakout. The layout also compares with the schematic shown at the bottom of the chart, which aligns closely with Ethereum’s current setup. From May to June, Ethereum’s price formed all five major phases of the Wyckoff method. Traders noted the Spring and Test phases showed clear alignment with the traditional model. This increases the likelihood that the setup is technically valid. As the asset approaches $2,520, the market watches for volume confirmation. The pivotal question remains: will Ethereum complete its cycle and hit $3,200, or will resistance hold? Analysts continue monitoring price action closely, especially if Ethereum jumps across the creek and holds above it.