Ethereum Targets $2,750–$2,800 Resistance Amid Bullish Momentum

Ethereum (ETH-USD) is currently challenging the key $2,600 resistance level, with technical indicators suggesting a potential long-term breakout rally. The cryptocurrency has shown steady performance, with its price hovering around $2,620–$2,623 and displaying a noticeable upward bias. The Heikin Ashi candles indicate a period of consolidation above $2,500, forming a tight range with slightly higher lows. This suggests that buyers are gradually regaining control, supported by a Relative Strength Index (RSI) of 59.9, which is just below the crucial 60 mark. This RSI level indicates that Ethereum is not overbought yet, leaving room for further upward momentum.

The daily chart highlights Fibonacci extension levels, showing clear upside targets. The key short-term resistance is near $2,750–$2,800, with subsequent levels around $3,000 and $3,200. Given the previous rally from the May lows, which saw a move of $900, a similar swing from the recent low near $2,400 could target $3,300. This aligns well with the Fibonacci cluster above $3,200, suggesting that if Ethereum's price breaks above $2,750 with volume, a move towards $3,200–$3,300 is technically feasible.

On the downside, Ethereum's price has repeatedly defended the $2,400–$2,500 region, forming a solid base. Multiple tests without breakdown imply that whales are likely accumulating below $2,500. As long as Ethereum's price stays above this floor, the short-term risk remains limited. If the price dips back to this zone, it may act as a springboard for bulls to push higher again.

The RSI reading near 60 is promising. Typically, for Ethereum's price, when the RSI crosses 60 on the daily chart, it signals the start of a momentum phase that can last a few weeks. For example, the big rally earlier this year started when the RSI went from 45 to 65, and the price surged nearly 40%. Using a similar percentage, a 40% move from the recent swing low ($2,400) could target $3,360. This matches the measured move and the upper Fibonacci zone.

Based on the price structure, support zone, and RSI momentum, Ethereum's price looks ready to test $2,750–$2,800 soon. If bulls manage to break and close above $2,800 on strong daily volume, the next logical leg is toward $3,200–$3,300. If the market stalls or Bitcoin pulls back, Ethereum's price could retest $2,500–$2,550 as support. But unless that level is lost with heavy selling, the bias stays bullish.

Ethereum's bulls are once again targeting the $2,700 milestone, rekindling optimism among altcoin supporters. This comes after a protracted phase of unnecessary declines in the ETHBTC pairing, continuing over 1,000 days. Recent analysis suggests this rally diverges from past surges. In May, Ethereum experienced a similar resurgence, marking a significant altcoin rally not seen since early April. This was buoyed by a rise in meme coins, which were taken as encouraging signs of renewed risk appetite. It coincided with Bitcoin maintaining notable strength during the period.

Inflow metrics indicate stronger interest in Ethereum; discussions around its ecosystem are intensifying, even as Bitcoin’s dominance appears to wane. This pattern, if sustained, would herald a potent altcoin phase over the next few days. Should Ethereum’s rally continue, analysts may be recognized for accurately predicting a new altcoin market cycle, although recent misguided projections have fostered skepticism. Another analyst highlights a symmetrical triangle forming for Bitcoin. Maintaining positions above $107,500 is critical to thwart a breakdown; a rise past $115,000 could open paths to new highs. Currently, Bitcoin trades near $109,200.

Cryptocurrency dynamics continue to shift as Ethereum mounts what could be a transformative ascent. Would this mark the start of a new era for altcoins, or will caution persist amidst conflicting forecasts? The market waits in anticipation.