Ethereum Skyrockets Above 2300 as Altseason Momentum Builds
- Ethereum breaks above $2,300, sparking renewed optimism and signaling a potential altseason resurgence.
- Institutional support surges, with $92M in ETH withdrawn from exchanges and $32M earmarked by the Ethereum Foundation for ecosystem growth.
- Key technical levels reclaimed, including the $2,285 BOS level, while RSI and Bollinger Bands point to strong bullish momentum.
Ethereum has reclaimed the spotlight after surging above the $2,300 mark for the first time in weeks, signaling a potential shift in broader crypto market sentiment. The move comes after a period of subdued price action and consolidation, offering fresh hope to investors looking for signs of an emerging altseason.
As of now, ETH is trading at $2,543, a modest pullback from the recent high but still firmly above the critical resistance-turned-support level of $2,200. The breakout through this zone, which had capped Ethereums upward momentum since March, has reignited optimism among both traders and analysts.
Crypto analyst Ali Martinez highlighted $2,380 as the next key battleground. If ETH breaks $2,380, it may ignite a fresh bull trend, he noted on X, referencing significant on-chain resistance clusters around that price. These clusters represent large volumes of ETH previously sold at this level. if buyers overpower this wall, it could unleash further upside.
Behind the technical breakout lies a deeper structural rebound. Ethereum staged its recovery from a key demand zone between $1,550 and $1,600, where a pronounced lower wick on the charts hinted at aggressive buying pressure. Since that bottom, ETH has rallied over 40%, supported by a blend of retail enthusiasm and growing institutional confidence.
Ethereum Receives $32M Investment Boost
Institutional activity, in particular, has provided a notable tailwind. Blockchain intelligence firm Arkham reported that wallets tied to World Liberty Financial accumulated more than 1,500 ETH, roughly $3.5 million, suggesting growing institutional interest at current levels. Meanwhile, Abraxas Capital made headlines after withdrawing 49,644 ETH (valued at $92 million) from centralized exchanges like Binance and Kraken within a single day. Such large-scale movements are often interpreted as signs of a long-term holding strategy rather than preparation for imminent selling.
Further supporting Ethereums bullish outlook is a $32 million investment commitment from the Ethereum Foundation in Q1 2025. The funds are earmarked for ecosystem expansion and protocol development moves that analysts believe could underpin medium- to long-term growth and price stability.
Technical indicators are increasingly aligning with bullish momentum. Ethereums Relative Strength Index (RSI) currently sits at 73.07, a level traditionally considered overbought but also consistent with the early stages of strong upward trends when backed by high volume. ETH also broke above the upper Bollinger Band, reflecting increased volatility and trend acceleration.
Ethereum Reclaims Key Structure at $2285
Notably, the asset has also reclaimed a critical Break of Structure (BOS) level near $2,285. This level marked a major breakdown earlier in the year and now appears to be acting as short-term support. A successful retest could further solidify bullish control.
Market sentiment has notably shifted as trading activity surges. ETHs daily trading volume soared 125% to hit $38 billion, while open interest in Ethereum futures doubled to $26.31 billion, signs of growing conviction and trader engagement. The rally was also fueled by a cascade of short liquidations, with $283 million wiped out in the past 24 hours, $235 million of which were bearish bets. These forced buy-ins added rocket fuel to Ethereums upward move.
Some analysts have even drawn parallels between the current market structure and late 2019, speculating that Ethereum may oscillate between 2,200 and $3,900 in the weeks ahead, depending on whether bulls can maintain pressure and break key resistance levels.
As Ethereum reclaims critical territory, traders and investors alike are watching closely. With stronger fundamentals, renewed institutional support, and technical tailwinds at its back, Ethereum could very well be paving the path for a broader altcoin resurgence.
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Read more: https://www.tronweekly.com/ethereum-skyrockets-above-2300-as-altseason/
Text source: TronWeekly
