Ethereum Price Poised for July Breakout as Analysts Predict 20% Gain

Ethereum, the second-largest cryptocurrency by market capitalization, is showing signs of a potential price breakout in July, according to various analysts and experts. The cryptocurrency has been in an uptrend for the past three months, and clearing June’s high could trigger a significant upside, marking the beginning of the altcoin season.

Technical analysts have noted that the ETH/USD chart is forming an ascending triangle pattern on daily charts, which often precedes a major breakout. The upper border of this pattern aligns with June’s high, and a breakout here could signal bullish long-term momentum for the ETH price. Another analyst predicts that the ETH price may revisit June’s high and potentially retest the $3,000 region soon.

Leon Waidmann, Head of Research at OnChainHQ, highlighted that futures short pressure is nearing an all-time high, despite BlackRock’s ETH ETF being bought on most days of June. This indicates that bulls are strongly piling in and waiting for a key moment when bears get out of breath; a short squeeze could be on the horizon in July.

Additionally, there are expectations that altcoins will enter a parabolic rise phase, with ETH at the forefront. This projection is supported by a decade-old support line for altcoins that has just been retested. A horde of ETH news could be aligned in the second half of the year, and one of them could trigger a significant price movement.

Bitwise’s prediction report, released late last year, had projected that the Ethereum price would reach new all-time highs before the end of 2025. However, their mid-year stance remains bullish but less confident compared to Bitcoin. CIO Matt Hougan and head of research Ryan Rasmussen recently shared their mid-year scorecard, expressing renewed predictions for ETH. They hope that rising interest in stablecoins, more ETF approvals, and the emergence of ETH treasury companies could drive the ETH price higher.

Despite Bitwise’s decreased confidence in the Ethereum price, other prominent investors and analysts believe the price action has been in an uptrend for the last three months. Clearing June’s high could trigger a significant upside and mark the beginning of altcoin season.