Ethereum (ETH) Breaks Out From $2800 Resistance, Targeting $3100

Ethereum has broken through the $2800 barrier for the first time since February. The world's second-largest cryptocurrency reached a three-month high of $2879

Ethereum (ETH) broke through the $2,800 barrier for the first time since February as the world’s second-largest cryptocurrency hit a three-month high on Wednesday morning.

The token reached highs of $2,879, continuing the recovery that began last week. It had been trading in a range between $2,475 and $2,680 since its May breakout.

ETH struggled to turn the upper boundary of this range into solid support. Meanwhile, the lower boundary offered strong bids that kept the cryptocurrency afloat.

Last week saw a pullback that brought ETH down to $2,400 support levels. The cryptocurrency bounced as the broader crypto market began recovering.

This recovery momentum carried Ethereum past the key $2,800 resistance at the start of this week. The breakout unfolded after months of sideways price action.

Analyst Carl Runefelt from The Moon Show spotted an ascending triangle formation on ETH’s chart. He noted that the cryptocurrency has now broken out of this pattern.

The triangle formation began developing during last month’s recovery rally. Price action compressed between support and resistance lines during this period.

Technical Analysis Points to Further Gain

Runefelt forecasts a 15% surge toward the $3,100 level if ETH maintains its current position. Based on this projection, Ethereum could climb another 10.7% from current levels.

The analyst also spotted a bullish pennant pattern in the ETH/BTC trading pair. This formation developed during the May rally period.

ETH has broken out of the pennant’s upper boundary this week. The breakout targets a 30% surge toward the 0.03300 mark against Bitcoin.

Market analyst Kaleo noted similarities between current price action and 2020 patterns. He highlighted how ETH performed then and the implications for the current rally.

In spring 2020, Ethereum experienced a major sell-off due to the COVID-19 crash. The price fell below a key higher timeframe support level.

Once the ascending trendline was reclaimed as support, ETH was “up only for the next 20 months.” Kaleo sees similar conditions forming now.

Current Market Structure Shows Strength

The recent sell-off was triggered by concerns over potential Trump tariffs. This sent the altcoin below its multi-year ascending support trendline.

ETH is currently positioned to retest that support zone. If history repeats, investors could see another strong bull run period.

Analyst DonAlt noted that ETH’s chart is looking “pretty good” with its higher timeframe range reclaim. He added that a new all-time high is possible if the $3,800 resistance breaks.

The rally’s invalidation level sits at a close below $2,200. This level would signal a breakdown of the current bullish structure.

Ethereum’s weekly chart shows a confirmed retest of the $2,500 zone. Crypto analyst Rekt Capital spotted similarities between this pattern and early 2024 setups.

In both cases, ETH posted weekly gains exceeding 13% after testing this zone. This signals renewed buyer interest at these levels.

Market Metrics Support Bullish Case

ETH’s total market cap recently crossed back above the $345 billion mark. This follows a breakout from prolonged consolidation periods.

The ongoing Wyckoff reaccumulation pattern suggests market readiness for broader price expansion. Meanwhile, whale activity has returned with one wallet accumulating 16,500 ETH.

Open interest in ETH has reached all-time highs. This reflects surging participation and positioning strength relative to Bitcoin.

Finally, trading volume has increased as ETH maintains structure above $2,500 support. Technical indicators also suggest sustained upside potential.

As of writing, ETH is trading at $2,763.69. This represents a 5.62% gain over the past seven days. The token dipped 0.77% in the last 24 hours but remains above key support levels.