Ethereum is approaching a critical $2,700 resistance level, a key threshold for confirming a bullish setup. Bitcoin's recent all-time high has propelled the crypto market into a new phase, potentially unlocking gains for altcoins.
Since early May, ETH has surged over 55%, driven by investor confidence and capital rotation from Bitcoin. Ethereum's ability to lead this charge will likely influence the pace of altseason.
Glassnode data indicates improving fundamentals, with Ethereum reclaiming its Realized Price at $1,900 in May. The price has also climbed above the True Market Mean at $2,400, a historically bullish signal. A break above $2,700 is essential to validate this trend and attract further capital.
Ethereum is leading the altcoin charge as investors anticipate a rally in the coming weeks. ETH has reasserted its strength by reclaiming key technical levels and consolidating near $2,700.
Bulls are in control, with Ethereum seen as a benchmark for altcoin sentiment. To validate a bullish continuation, Ethereum must break above and hold the $2,700-$2,900 range.
Glassnode data shows Ethereum broke above its Realized Price at $1,900 in May, signaling renewed investor confidence. ETH has also moved above its True Market Mean at $2,400, aligning with strong accumulation phases.
The final hurdle is the Active Realized Price near $2,900. Reclaiming that level would confirm a major breakout and signal strong buyer confidence. The next few sessions will be critical for Ethereum to drive the next leg higher.
This article is based on our author's analysis of materials taken from Glassnode.