Ethereum has closed its latest monthly candle above a key resistance level near $2,470 on August 31, prompting prominent analysts to call an end to the downtrend that began in August 2025. Crypto analyst Matthew Hyland declared on X that ETH has confirmed a monthly higher high and that 'the bears have been slayed.' He added: 'WELCOME TO THE #CRYPTO BULL MARKET!!'
Hyland’s chart shows ETH’s decline from its 2025 peak through lower highs and lower lows that bottomed between $1,500 and $1,600 in June and July. He compared the current formation to setups that preceded Ethereum’s 2016 and 2020 rallies. Other traders are watching similar levels. DonAlt wrote that ETH has 'no real resistance till $4k,' while identifying support around $2,100 and warning that a break below $2,000 could push price toward $1,000. Daan Crypto Trades noted ETH has spent 11 days pinned between its weekly 200-period moving average and horizontal support. Quantum Ascend highlighted that ETH’s monthly candle closed near its 50-month simple moving average with the RSI deeply oversold, a setup last seen in spring 2025 before a 3.5x rally in five months.
At the time of reporting, ETH was trading above $2,400, up roughly 31% over the past month and 30% over two weeks, though still about 50% below its record above $4,900 from August last year. Analysts now see the $2,600 range as the next major resistance. A sustained break above that zone could open a path toward $3,000, while rejection could lead to a retest of the breakout area before another attempt.
Network activity adds context to the price move. Ethereum is approaching 1 million active addresses even as much activity occurs across Layer 2 networks, according to CryptoPotato. The cleanest test of the bullish thesis is whether ETH can hold the $2,470 breakout area. A sustained move above it would leave the $4,000 region as the next major target cited by traders, while a failure below $2,000 would considerably weaken the bullish structure.
