Ethereum Surges 15% This Week, Breaks $2,850 Resistance

Ethereum has surged past the significant $2,850 resistance level, marking a 15% increase this week and reaching approximately $2,955. This surge has ignited renewed enthusiasm across the altcoin market, with rising trading volume suggesting the potential start of a new altseason, a period where altcoins outperform Bitcoin and deliver substantial gains.

With Ethereum reclaiming major technical levels and a robust new narrative emerging, many investors are contemplating whether ETH is poised to assume a more significant role in the global financial system. Ryan Sean Adams, the founder of Mythos Capital, is a prominent advocate for Ethereum's evolving identity. In a recent post, he highlighted the community's efforts, stating, "The ETH community has executed blue money gospel marvelously over the past 2 months."

Adams' "blue money" concept redefines Ethereum not merely as infrastructure for decentralized applications but as a yield-generating, store-of-value asset supported by a genuine on-chain economy. While Bitcoin is often compared to digital gold and oil remains a traditional store of value, ETH offers additional benefits—security and productivity. Adams proposes that Ethereum has the potential to become a global reserve asset, attracting the attention of both retail and institutional investors.

After weeks of sideways movement, ETH has broken through with strength, reclaiming both the 100-week and 200-week moving averages, currently at $2,644 and $2,428. This technical reclaim often indicates that a downtrend may be over and a new bullish phase is beginning. The $2,850 level has long been a major zone of resistance and support. With ETH now trading above it, analysts are eyeing the next targets at $3,300 to $3,600. If momentum holds, a push toward $4,000 is well within reach.

Despite this progress, ETH is still trading about 60% below its all-time high of nearly $4,900 from November 2021, leaving ample room for upside if this rally continues. Since 2022, Ethereum has lagged behind Bitcoin, frustrating many holders. While BTC has hit fresh all-time highs, ETH is still playing catch-up. However, this underperformance is now being seen as a potential opportunity. Adams believes the market is starting to take a fresh look at ETH, emphasizing it as an asset with the potential to close the gap with Bitcoin and even shift the balance of power across the crypto market.

Ethereum’s breakout is also lifting the rest of the altcoin market, with several tokens showing strong gains in its wake. This broad move often signals confidence returning to riskier parts of the market and positions ETH as the trendsetter for the altcoin space. However, the rally isn’t without risk. If ETH drops back below $2,850, the recent momentum could fade, and lower support levels may be tested again. But for now, Ethereum is leading the charge.