Ethereum (ETH) is demonstrating resilience, maintaining levels above key support despite macroeconomic uncertainty. Since April, ETH has more than doubled in value, gaining over 100%, and shows no signs of slowing down. Ethereum remains resilient, showing consistent buying interest and maintaining its upward trajectory.
Analyst Carl Runefelt noted Ethereum's strength on the daily timeframe. Runefelt suggests that if Bitcoin moves sideways, Ethereum could break out of its consolidation triangle. This breakout could potentially lead the next phase of the market rally.
Currently trading around $2,616, ETH hovers below the 200-day simple moving average (SMA) at $2,679. ETH remains in a consolidation range between $2,480 and $2,700 after rallying from April lows near $1,800. A daily close above $2,700 could confirm a breakout, potentially targeting $3,000.