Ethereum Up 82% From April Lows, Analysts Eye $3,000 Breakout

Ethereum is currently trading just above the $2,500 mark, following a period of volatility and uncertainty across crypto markets. Despite this, bulls have managed to hold critical support levels, and the coming days are expected to be pivotal for Ethereum and the broader altcoin space. Investors are looking for confirmation that Ethereum will lead the next wave of upside action, as momentum slowly shifts in its favor.

Top analyst Ted Pillows has shared a bullish technical outlook, suggesting that a Wyckoff accumulation pattern is currently unfolding. According to Pillows, this pattern resembles the early stages of major breakouts seen in past cycles and signals strong smart money positioning. He argues that Ethereum played a key role in Bitcoin’s latest rally to new all-time highs, and now it’s Ethereum’s turn to shine. A sustained breakout above the $2,600–$2,700 range could trigger the next phase of the cycle, with $3,000 in sight as the initial target. With market sentiment recovering and Bitcoin consolidating near highs, traders and investors are closely watching Ethereum’s next move to gauge whether an altseason is around the corner.

Ethereum has shown strong bullish control, up 82% from its April lows, and continues to trade within a well-defined range between $2,400 and $2,700. This tight consolidation suggests the market is preparing for a decisive breakout. Pillows reveals that Ethereum is now undergoing a classic Wyckoff accumulation pattern, marking the transfer of ETH from weak hands to strong hands. This phase mirrors past cycle setups that led to explosive rallies. If this pattern plays out, Pillows sees a clear path: first a breakout to $3,000, followed by a healthy correction, and then a push to $4,000 sometime in Q3. Beyond that, the real parabolic move may begin, driven by renewed confidence, broader altcoin participation, and sustained demand for ETH as a core asset in the crypto ecosystem.

Ethereum is currently trading at $2,520, maintaining its position above critical support levels despite recent volatility. The price remains trapped within a tight consolidation range between $2,400 and $2,700, with no clear breakout yet in either direction. ETH is currently trading near its 50- and 100-period SMAs, which are converging around the current price, indicating equilibrium and a potential inflection point. The 200-period SMA sits below $2,200 and continues to trend upward, supporting the longer-term bullish structure. For bulls to regain full momentum, ETH must reclaim the $2,600–$2,700 resistance and flip it into support. On the downside, a clean break below $2,480 could expose the $2,300 zone once again.