Ethereum (ETH) stands at a pivotal moment as it approaches the critical $2,700 resistance level, with multiple technical and on-chain indicators suggesting a potential breakout toward $2,900. This development comes as Bitcoin recently touched $111,000, setting a new all-time high amid strong market fundamentals.
Since early May, ETH has demonstrated remarkable strength, surging over 55% and reclaiming several key price levels that have historically served as reliable bullish indicators. The cryptocurrency’s impressive performance has positioned it as the leader of the anticipated altcoin season.
On-Chain Metrics Paint Bullish Picture
Glassnode data reveals compelling evidence of Ethereum’s strengthening market position:
- Realized Price ($1,900) – Reclaimed in May, putting average holders back in profit
- True Market Mean ($2,400) – Surpassed and holding, historically a reliable accumulation signal
- Active Realized Price ($2,900) – Next major resistance and potential trigger for extended rally
Technical Analysis Points to $2,900
The daily chart shows ETH consolidating around $2,665 after touching $2,734, with several bullish indicators:
- 34 EMA: $2,249 (providing strong support)
- 50 SMA: $1,965 (trending upward)
- 200-day SMA: $2,703 (immediate resistance)
Key Support and Resistance Levels
Critical price levels to watch:
| Level | Type | Price |
|---|---|---|
| Primary Resistance | 200-day SMA | $2,703 |
| Secondary Resistance | Active Realized Price | $2,900 |
| Primary Support | 100 SMA | $2,445 |
| Secondary Support | True Market Mean | $2,080 |
FAQ
Q: What is the next major resistance level for Ethereum?
A: The immediate resistance lies at $2,703 (200-day SMA), followed by $2,900 (Active Realized Price).
Q: How significant is the current rally?
A: ETH has gained over 55% since early May, marking one of its strongest recovery rallies in recent history.
Q: What technical indicators support further upside?
A: Multiple indicators including rising moving averages, increased trading volume, and on-chain metrics suggest continued bullish momentum.
