Ethereum Surges 15% Breaking $2,850 Resistance

Ethereum has recently broken above the critical $2,850 level, sparking a surge in momentum across the broader altcoin market. This breakout follows weeks of sideways trading and has led to sharp upward moves in many altcoins, with analysts suggesting that this could be the early stages of a new altseason. During this period, alternative cryptocurrencies are expected to outperform Bitcoin and deliver significant gains.

Ryan Sean Adams, the founder of Mythos Capital, has been vocal about Ethereum's strategic evolution. He highlighted on X that the Ethereum community has successfully executed the "blue money gospel" over the past two months. This thesis positions Ethereum as a global, productive asset, a narrative that seems to be resonating with both institutional and retail investors. With Ethereum leading the market and altcoins gaining momentum, the focus is now on whether this rally can sustain and confirm the start of a broader bullish phase for the crypto market.

Since 2022, Ethereum has underperformed against Bitcoin, with altcoins suffering as a result. While Bitcoin has continued to dominate the crypto narrative and recently broke into new all-time highs, Ethereum still trades more than 60% below its November 2021 peak. This divergence has frustrated many ETH holders, but some analysts and investors now view it as a massive opportunity. Adams believes that the Ethereum community has successfully rebranded ETH as a "blue money" asset, positioning it alongside traditional stores of value like gold, oil, and Bitcoin. Unlike these traditional assets, ETH is backed by an on-chain economy that generates yield.

Adams' stance is a call for the market to reassess Ethereum's fundamental value. He argues that Ethereum is maturing into a globally viable reserve asset that offers both security and yield. If this narrative continues to gain traction, ETH could be poised for a major revaluation in the months ahead. Adams emphasized on X that the focus should be on ETH as an asset, stating, "It’s made a huge difference. Keep going. ETH = world reserve asset."

Ethereum (ETH) has shown renewed strength, surging nearly 15% on the week to trade around $2,955. This marks a successful breakout above the key resistance zone at $2,850, a level that previously acted as both support and resistance throughout the past two years. The weekly candle shows strong bullish momentum, supported by a significant increase in trading volume. The chart reveals that ETH has now reclaimed the 100-week and 200-week moving averages, which sit at $2,644 and $2,428, respectively. Reclaiming these long-term averages is a strong technical signal that the downtrend may be over, and a new bullish phase could be starting.

Despite the breakout, Ethereum is still trading far below its all-time high near $4,900. This presents upside potential if the bullish momentum continues. With this breakout, ETH also confirms a higher low structure, reinforcing the bullish case for further gains. If the price holds above $2,850 in the coming days, the next resistance zone sits around $3,300–$3,600. A close above those levels could open the door to a rally toward $4,000 and beyond.