Analyst Declares Bull Market After ETH Breaks Key Monthly Resistance
Ethereum’s newest month-to-month candle closed above a key resistance stage round $2,470 on August 31, prompting analyst Matthew Hyland to declare on X that the downtrend that began in August 2025 is over.
He framed the shut as the primary affirmation {that a} new bull market has began, evaluating the present chart construction to the setups that preceded ETH’s 2016 and 2020 rallies.
ETH’s Monthly Chart Flips Bullish
Hyland’s chart runs from ETH’s 2025 peak, hit in August of that yr, by means of a gradual run of decrease highs and decrease lows that bottomed out close to $1,500 to $1,600 in June and July of this yr.
“ETH confirms a Monthly Higher_High and ends its downtrend that began in August of 2025,” Hyland posted. “The Bears have been slayed. WELCOME TO THE #CRYPTO BULL MARKET!!”
Other merchants have been circling the identical zone, together with DonAlt, who wrote that ETH has “No actual resistance until $4k,” pointing to help round $2,100 and warning {that a} break beneath $2,000 might ship worth towards $1,000.
Fellow market watcher Daan Crypto Trades pointed out that ETH has spent the final 11 days pinned between its weekly 200-period shifting common and a horizontal help stage.
Another analyst, Quantum Ascend, noted that ETH’s month-to-month candle closed close to its 50-month easy shifting common with the RSI nonetheless deeply oversold, a setup that final confirmed up in spring 2025, proper earlier than the token rallied 3.5x in 5 months, and he says he’s “anticipating a brand new all-time high” based mostly on the transfer.
At the time of writing, the second-largest crypto asset was buying and selling above $2,400, up roughly 31% over the previous month and 30% in two weeks, whereas remaining about 50% beneath its report worth of over $4,900 from August final yr.
Network Activity Adds Another Piece
ETH’s worth restoration is occurring alongside elevated community exercise. As CryptoPotato reported, Ethereum is approaching 1 million energetic addresses, regardless of substantial exercise going down throughout Layer 2 networks.
That provides the worth transfer some further context, though energetic addresses alone can not set up whether or not ETH has entered a brand new long-term cycle. Tron, for instance, has greater than 4 million energetic addresses, largely linked to funds and stablecoin transfers.
For now, the cleanest check of Hyland’s thesis is whether or not ETH can maintain the $2,470 breakout space. A sustained transfer above it might go away the $4,000 area as the following main goal cited by merchants, whereas a failure beneath $2,000 would significantly weaken the bullish construction.
More on Ethereum could be present in our market video beneath:
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