Ethereum is holding firm above the $2,750 level after retracing slightly from a local high of $2,830 set just a few hours ago. The move marks a strong show of resilience from bulls, as ETH continues to push higher despite broader market uncertainty. Momentum appears to be building, and many analysts are calling for the beginning of an altseason, led by Ethereum’s breakout from a prolonged period of range-bound trading.
According to on-chain data from Glassnode, Ethereum has just broken out of a month-long consolidation range. The Cost Basis Distribution reveals a significant amount of ETH accumulated during this phase, with 1.3 million ETH held between $2,700 and $2,740, and another 800,000 ETH around $2,760. These levels now represent a strong on-chain support base, suggesting that many investors are sitting in profit and are likely to hold rather than sell into strength.
As the U.S. and China continue trade deal negotiations, financial markets are bracing for a decisive move, and Ethereum is right at the center of attention. With major headlines shifting global risk sentiment, ETH’s price action has become a leading indicator for the broader crypto market. Ethereum is now pressing into a key resistance zone near $2,800, and analysts agree: if ETH can reclaim higher levels, it could confirm the start of a long-awaited altseason.
This backdrop puts Ethereum in a decisive position. A confirmed breakout above $2,830 could open the door to a swift rally toward $3,000 and beyond. With solid support underneath and the entire altcoin market watching, ETH is poised to lead the next phase of crypto expansion—if bulls can maintain control.
Ethereum is trading at $2,766 on the 4-hour chart after breaking out of a month-long range and briefly hitting a high of $2,794. Price has now pulled back slightly, but the structure remains bullish as ETH continues to hold above the previous resistance zone, now flipped into support around $2,700–$2,740.
This consolidation above the breakout zone is a healthy sign, suggesting bulls are in control and preparing for a continuation move. The 50, 100, and 200 simple moving averages (SMAs) — currently at $2,587, $2,588, and $2,557, respectively — have all turned upward and are stacked beneath price, further supporting the trend.
Volume surged during the breakout but has cooled slightly during the pullback, signaling no immediate signs of heavy distribution. As long as ETH holds this reclaimed range and doesn’t fall back below the 200 SMA, the bias remains bullish. A successful retest of the breakout zone could lead to another push toward the $2,850–$2,900 range.
Featured image from Dall-E, chart from TradingView
