Ethereum Awaits Breakout Above $2,500 for Bull Rally

A closely followed crypto analyst has identified a critical resistance level for Ethereum (ETH) that, if broken, could ignite a significant bull rally. Rekt Capital, a prominent crypto trader with 549,100 followers on the social media platform X, has highlighted that Ethereum needs to reclaim the area around $2,500 as support to initiate an explosive upward move. According to Rekt Capital, Ethereum has been holding the orange-circled area for about six weeks, and this level is considered the macro range low at $2,200. For Ethereum to rally across the range, it needs to effectively reclaim around $2,500.

Until Ethereum closes above $2,500 on the daily chart, it is likely to hold $2,200 as support while trading sideways. Rekt Capital noted that Ethereum is currently treating the $2,500 level as resistance after it previously held for almost six weeks. A daily close above $2,500 would start the reclaim process, allowing Ethereum to move beyond the $2,200-$2,500 range. At the time of writing, Ethereum is trading at $2,425, showing no significant change on the day.

In addition to Ethereum, Rekt Capital has also provided an update on Bitcoin (BTC). The analyst observed that Bitcoin is showing bullishness on the daily timeframe, having broken through a downtrend line for the second time in June. This breakout indicates a potential for further upward momentum. Bitcoin is currently trading at $107,302, also showing no significant change on the day.

Bitcoin's recent surge past $108,000 has been driven by easing geopolitical tensions and a resurgence in institutional interest. This upward momentum has been bolstered by a cautiously optimistic market sentiment, with experts suggesting that a breakout above $108,500 could trigger a rally toward $112,000–$115,000. The market is closely watching Friday’s $20 billion options expiry for further cues on the direction of the cryptocurrency.

Ethereum, the second-largest digital asset, has also posted gains, rising to $2,481. The overall crypto market capitalization has advanced by 1% to touch $3.3 trillion. Among major altcoins, XRP, BNB, Chainlink, and Litecoin registered marginal gains of up to 1%. However, Solana, Tron, Dogecoin, Cardano, Hyperliquid, Sui, Avalanche, and Toncoin slipped by as much as 2.5%, reflecting cautious sentiment among retail traders.

The crypto market is finding its footing with a cautiously optimistic undertone. Bitcoin has climbed over 3% in the past seven days, showing firm support from market participants. A retest of the $110,000 level seems likely if current levels hold. Bitcoin appears primed for a breakout, with open interest elevated and funding rates near neutral. Liquidation clusters between $106,000 and $110,000 suggest potential for stop-hunts. A decisive move above $108,500 could trigger momentum toward $112,000–$115,000.

The upcoming $20 billion options expiry on Friday could inject further volatility. Order book data shows rising interest near $111,000. However, $104,000 remains the key level to watch on the downside. Recent data points to growing institutional interest in crypto assets. BlackRock ETFs reportedly added 3,210 BTC and 22,550 ETH, while Japanese firm Metaplanet purchased 1,234 BTC worth $132.7 million, overtaking Tesla’s Bitcoin holdings. Meanwhile, GameStop raised another $450 million via zero-interest notes and plans to allocate some funds to Bitcoin as a reserve asset.

However, the regulatory environment remains complex. Barclays Bank has announced a ban on credit card crypto purchases effective 27 June, raising concerns about access restrictions for retail investors. The overall market trend remains largely stable, setting the stage for the next bullish wave. On the flip side, recent high-fliers such as Sei, Fartcoin, Stacks, and Curve DAO Token saw sharp pullbacks of 8–10%, pointing to profit booking in select segments. Ethereum continued to trade steadily above $2,470, with analysts noting growing optimism over a potential breakout toward the $2,800 level. ETF flows for Ether have been strong, though futures data shows some caution among traders.

With no major macroeconomic triggers expected until fresh inflation data, analysts believe the crypto market will likely trade in a tight range in the near term, driven by technicals and liquidity dynamics. The market is coiled for a breakout.