Ethereum (ETH) has shown signs of renewed bullish momentum in mid-2025, supported by technical indicators and strong whale accumulation after over a year of exits. In May 2025, Ethereum printed a rare "monthly demand candle," a candlestick pattern historically preceding major rallies in 2016, 2018, and 2020. Several bullish momentum indicators have aligned simultaneously for the first time in years, including the Market Cipher momentum wave signaling a buy, the Volume Weighted Average Price (VWAP) crossing above zero, and increased money flow indicators. This confluence has coincided with large holders (whales) returning to the market, reversing a 15-month exit trend.
BlackRock's recent purchase of $80.6 million in ETH on June 10 has highlighted renewed institutional interest, which may be reinforcing the accumulation trend. Monthly Relative Strength Index (RSI) readings at 51 suggest Ethereum has room for further upside before hitting historically critical overbought levels. Price action shows ETH cleared important resistance levels around $2,600 to $2,750 and is consolidating near $2,800, eyeing the next resistance levels at $2,850 and potentially the $3,000 zone in the near term. Ethereum dominance and the ETH/BTC ratio charts show technical patterns indicative of possible longer-term upward momentum.
However, despite the promising indicators, analysts warn that Ethereum faces strong resistance around the $2,750 level. Failure to close decisively above this key resistance could trigger a pullback to support zones near $2,500 or even $2,380. Recent trading activity shows ETH fluctuating within a range of roughly $2,380 to $2,750, with multiple rejections at the upper boundary indicating seller presence. Technical analysts emphasize the need for a sustained close above $2,750 with volume to confirm a bullish breakout. Failing this, the price could retreat to lower support levels, reflecting consolidation or short-term bearish risk.
Notable technical analyst Peter Brandt highlighted a breakout pattern with ETH poised near the upper boundary of a triangle formation, noting a weak trend indicated by an ADX around 22.7. Brandt suggests a breakdown below support could see prices near $2,150, while a strong breakout could target as high as $4,000, representing a nearly 48% gain from current levels. Other analysts associate breaking past the $2,700 to $2,750 resistance with initiating a broader altcoin rally or altseason, adding market significance to Ethereum's price behavior.