Ethereum Doubles Value Since April Amid Market Volatility

Ethereum has shown remarkable resilience amidst growing macroeconomic uncertainty, maintaining its position above key support levels and outperforming many other assets in the crypto market. Since hitting its April lows, Ethereum has more than doubled in value, gaining over 100%, and continues to exhibit strong buying interest. This performance is particularly notable given the volatility in global markets, where many assets have faced significant selling pressure.

Top analyst Carl Runefelt has shared a bullish outlook, highlighting that Ethereum's price remains robust on the daily timeframe. Runefelt suggests that if Bitcoin starts to move sideways, Ethereum could capitalize on this opportunity to break out of its current consolidation triangle. This breakout could potentially lead the next phase of the market rally, positioning Ethereum not only as the second-largest cryptocurrency but also as a driver of the next altseason.

With Ethereum holding above $2,600 and approaching key resistance zones, market participants are closely monitoring its movements. A decisive breakout above these levels could ignite widespread momentum across altcoins, marking the beginning of a new phase in the current bull cycle. Ethereum's performance continues to reinforce its role as a foundational asset in the broader digital asset space.

Ethereum is currently trading within a tight consolidation range, which many investors view as a critical juncture for its next major move. After a significant rally that saw ETH gain over 100% since April, the asset is now testing key resistance levels, particularly around $2,650–$2,700. Despite recent macroeconomic tensions, including rising US Treasury yields and persistent geopolitical risks, Ethereum continues to show strength, with bulls holding the line above critical support.

Runefelt recently emphasized that Ethereum “refuses to dump on the daily timeframe,” indicating underlying bullish resilience. His analysis suggests that if Bitcoin begins to move sideways, Ethereum could break out of its consolidation triangle to the upside, potentially sparking the beginning of a long-awaited altseason. From a technical perspective, the consolidation appears constructive, with the price forming higher lows since April and remaining above all major moving averages on key timeframes. The $2,300 level is emerging as a strong base, while the bullish target sits at $3,100 if resistance is cleared.

Runefelt’s bullish and bearish scenarios—$3,100 on the upside and $2,300 on the downside—underline the importance of the current range. As trading volume compresses and volatility brews, Ethereum looks ready for a decisive move. Should the breakout occur, it could not only lead ETH to new cycle highs but also ignite broader confidence across the altcoin market.

Ethereum (ETH) is currently trading at $2,616, hovering just below the 200-day simple moving average (SMA), which sits around $2,679. This level has acted as a consistent resistance zone over the past few weeks, with ETH failing to close decisively above it. Despite several intraday moves above $2,650, the price has yet to confirm a breakout. Looking at the broader structure, ETH remains in a consolidation range between $2,480 and $2,700 after posting an impressive rally from its April lows near $1,800. The 34-day EMA ($2,406) and the cluster of shorter-term SMAs are trending upwards, indicating that medium-term momentum still favors the bulls.

Volume has been relatively stable but unremarkable, suggesting a lack of strong conviction from either side. A clean daily close above $2,700 could confirm a breakout and potentially open the door for a move toward $3,000. On the downside, if ETH fails to hold the $2,480 support zone, we could see a pullback to retest the 100-day SMA near $2,065.