Ethereum has surged past $2,500, marking a significant recovery after months of struggling since late December 2024. Last week's rally, with an 80% gain in under a month, has shifted market sentiment and sparked optimism for a broader altcoin recovery. This surge is particularly impactful as it signals potential capital rotation into altcoins.
Over the past week, Ethereum has risen by over 44%, breaking through resistance levels from January and moving from below $1,800 to over $2,500. The price is currently testing a crucial supply zone between $2,600 and $2,800. A successful break above this zone could lead to a move towards $3,000 and beyond.
Analyst Jelle notes that while Ethereum's breakout is impressive, it still has "a lot of work to do," emphasizing the need for consolidation to establish a sustainable uptrend. Reclaiming $2,500 is a major milestone, but the coming days will be crucial in determining the trajectory for altcoins in Q2. The market now awaits to see if Ethereum can sustain its gains and solidify the altseason narrative.
This article is based on our author's analysis of materials taken from the following resources: Text 1.