- Ethereum Breaks $2,300: Ethereum surged above $2,300 for the first time in weeks, hitting $2,250.62 amid stronger buying momentum and renewed investor interest.
- Institutional Moves and Technical Reclaims: Institutional players like World Liberty Financial acquired 1,500 ETH, while Abraxas Capital withdrew 49,644 ETH, signaling long-term holding intent. Meanwhile, ETH reclaimed the key $2,285 BOS level, suggesting bullish strength.
- Key Levels and Potential Targets: ETH faces resistance at $2,380, with potential upside targets at $2,500 and $3,900 if momentum holds. Support levels to watch include $2,200 and $2,285.
Ethereum (ETH) is back in the spotlight, breaking above $2,300 after weeks of sideways action and market correction. Now trading around $2,250.62, ETH’s rebound has caught the attention of investors and analysts alike. Some are even calling it the start of a broader altcoin rally — the so-called ‘altseason.’
Breaking Key Resistance at $2,200
Ethereum’s recent move above the $2,200 resistance level is significant. That zone had capped price action since March, but now it’s being tested as support. Holding above $2,250 suggests renewed strength in ETH’s short-term trend.
Crypto analyst Ali Martinez highlighted $2,380 as a major supply zone. “If ETH can break $2,380, it could spark a fresh bull run,” he noted on X. His view is backed by data showing heavy seller clusters around that level. If buying pressure keeps up, those clusters could weaken, potentially opening the door to higher targets.
The recovery from the $1,550–$1,600 support zone also played a big role in the current momentum shift. ETH formed a long lower wick during that retest — a classic sign of strong demand. From there, ETH has gained over 40%, signaling a potential trend reversal.
Institutional Moves and Major Withdrawals
Institutional players are also stepping in. Arkham Intelligence reports that wallets linked to World Liberty Financial scooped up 1,500 ETH (worth around $3.5 million) recently. This comes as institutional investors look to increase their exposure amid a possible market bottom.
Meanwhile, Abraxas Capital withdrew 49,644 ETH (roughly $92 million) from Binance and Kraken within 24 hours. Such large-scale withdrawals often suggest intentions to hold rather than sell, signaling longer-term confidence in ETH’s outlook.
Adding to the bullish sentiment, the Ethereum Foundation announced $32 million in ecosystem investments for Q1 2025. The funds are aimed at expanding infrastructure and development, which could provide additional support for ETH’s medium-term growth.
Technical Indicators – Bullish Reversal?
Several technical indicators are now flashing bullish signals. The Relative Strength Index (RSI) has climbed to 73.07 — a level typically seen as overbought. But in the early stages of a breakout, high RSI can simply reflect strong momentum.
ETH also reclaimed the Break of Structure (BOS) level at $2,285 — a key area that marked a breakdown earlier this year. Reclaiming it suggests bulls are trying to take back control, and it may now serve as a support level.
On top of that, ETH has pushed above the upper Bollinger Band, indicating strong volatility and potential trend continuation. The weekly close above $2,000 further confirms bullish momentum, with traders eyeing higher targets.
Market Sentiment and Volume Surge
Market sentiment is also turning positive, with daily trading volume spiking 125% to $38 billion. Open interest in ETH futures doubled to $26.31 billion, reflecting heightened trader interest and activity.
Short liquidations have played a part in ETH’s rapid rise. In the last 24 hours, $283 million worth of short positions were liquidated, including $235 million in ETH shorts. Short squeezes often trigger fast price surges, and with buying pressure still strong, further upside could be in play.
One analyst even compared the current structure to the late 2019 market, suggesting ETH could fluctuate between $2,200 and $3,900 in the coming weeks.
Key Levels to Watch:
- Support: $2,200, $2,285
- Resistance: $2,380, $2,500, $3,900
- Breakout Confirmation: A sustained move above $2,380 with strong volume could open the door to $2,500 and potentially higher.
