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As Ethereum (ETH) attempts to reclaim its January 2025 price range, the cryptocurrency has been holding a recently recovered level, leading some analysts to suggest another 10% surge before new highs.
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Ethereum Breakout Eyes $3,100
Ethereum has reclaimed the key $2,800 barrier for the first time since February, nearing the $2,900 level on Wednesday morning. The King of Altcoins had been trading between the $2,475-$2,680 range since its May breakout, unable to turn the range’s upper boundary into support.
During last week’s retracement, ETH dropped to the $2,400 support before bouncing over the weekend. The crypto market’s recovery saw Ethereum surge toward the key resistance, finally breaking past it at the start of the week and hitting a three-month high of $2,879 today.
Following this performance, Analyst Carl Runefelt from The Moon Show noted that the cryptocurrency had broken out of an ascending triangle formation and now targets the $3,100 resistance.
The analyst previously highlighted ETH’s triangle pattern, which began forming at the start of last month’s recovery rally. During that period, the price compressed between the support and resistance lines, with the latter situated around the $2,700 mark.
He forecasted a 15% surge toward the $3,100 level if the altcoin reclaimed the crucial resistance level. Based on this, Ethereum could climb another 10.7% if it holds its current range.
Runefelt also pointed out another bullish formation in ETH’s trading pair against Bitcoin (BTC). According to the ETH/BTC chart, Ethereum also formed a bullish pennant pattern during the May rally.
Amid this week’s recovery, the cryptocurrency has broken out of the formation’s upper boundary, eyeing a 30% surge toward the 0.03300 mark.
ETH To Repeat History?
Market Watcher Kaleo highlighted the resemblance between ETH’s performance between 2020 and 2025. According to the analyst, there are “a lot of similarities on the chart to where we are now vs. where we were in 2020.”
As he explained, in the Spring of 2020, Ethereum experienced a major sell-off, fueled by the COVID-19 crash, which sent its price below a key higher timeframe (HFT) support. However, once the ascending trendline was reclaimed as support, ETH was “up only for the next 20 months.”
Kaleo detailed the recent sell-off, caused by the Trump Tariffs scare, sent the altcoin below its multi-year ascending support trendline, adding that “ETH is currently on the verge of reclaiming that line.”
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The analyst suggested that if history repeats, investors could see “another great ETH bull run and accompanying alt season.”
Meanwhile, analyst DonAlt affirmed that ETH’s chart looks “pretty good” amid its HTF range reclaim. To him, a new all-time high (ATH) is likely if the $3,800 resistance is reclaimed, while the rally’s invalidation level is a close below the $2,200 mark.
As of this writing, ETH trades at $2,803, a 6.7% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
