Ethereum Price Surges 46% in a Month: Analysts Anticipate Major Breakout

The price of Ethereum has surged by 46% over the past month, with analysts expecting a breakout for the cryptocurrency. The persistent demand for spot ETFs and the strengthening of market structure are identified as key drivers behind this momentum.

As of the time of writing, the digital asset is trading at $2630.

Michael van de Poppe, founder of MN Trading, stated that Ethereum is «poised for a significant upward breakthrough.»

«$ETH seems ready for a major breakout.» [pic.twitter.com/OjBE6h87pr](https://t.co/OjBE6h87pr)

The crucial support level is around $2400, while resistance is found between $2680 and $2850. According to him, in order to reach a new yearly high, the cryptocurrency must surpass this resistance zone.

Analyst Rekt Capital indicated that Ethereum is trying to establish $2500 as a support level.

If successful, Ethereum could rise to new all-time highs, reminiscent of the developments observed in mid-2021.

Crypto Eagles analyst believes that Ethereum’s price is mimicking the technical structure of 2016-2017. He suggests that the asset could «easily surpass the $6000 mark.»

«$ETH Giant Fractal Is Screaming: Range → Shakeout → Breakout → Parabola. We’re seeing the same structure play out nearly candle for candle. The only difference now is the base is 100 times larger, and the fundamentals are 10 times stronger. $5k — $6k is easy this cycle.» [pic.twitter.com/WZYJKV913m](https://t.co/WZYJKV913m)

The ETH/BTC pair is trading around 0.02499, which is a 41.5% increase from the multi-year low of 0.01766 reached on April 22.

Trader Daan Crypto Trades highlighted the consolidation of ETH/BTC in the range of 0.022-0.026.

He believes that a breakout above this level could «temporarily provide another boost to the ALT/BTC pairs.» The strength of the ETH/BTC chart will be a significant factor in the performance of altcoins relative to Bitcoin.

In recent days, institutional investors have shown a preference for Ethereum over Bitcoin. Spot Ethereum ETFs in the US have recorded a net inflow of funds for 12 consecutive days.

According to CoinShares, from May 24 to May 30, inflows into cryptocurrency investment funds totaled $286 million, driven by a surge of $321.4 million in Ethereum-based products.

It is worth noting that in May, Bernstein analysts identified three primary reasons behind Ethereum’s rally.