Ethereum Set for Bullish Breakout: Key Levels at $2,600, $3,200–$3,600
Ethereum price is consolidating after a sharp May rally, trading between $2,520 and $2,560 before a potential breakout. Key support lies at $2,420, while immediate resistance is at $2,554. A decisive move above $2,600 on rising volume and an RSI push above 60 could trigger a rapid climb toward $2,800 and further Fibonacci extensions at $3,200 and $3,600. Technical indicators, including a looming golden cross of the 50-day and 200-day SMAs and a bounce off the 50-day EMA within a parallel channel, reinforce bullish momentum. Institutional investors are piling in: spot Ether ETFs attracted $860 million in June, led by $750 million from BlackRock. On-chain metrics also show new address creation rising to 800,000–1 million weekly. If Ethereum repeats its 50% May gain, it could reach around $3,750. Traders should watch the $2,550–$2,600 zone as a high-probability long entry; failure to hold $2,420 risks a drop toward $2,200.
Bullish
The news combines strong technical setups—namely the RSI consolidation break, impending golden cross, and Fibonacci targets—with significant institutional inflows into spot Ether ETFs and rising on-chain activity. In the short term, a clear break above $2,600 on volume could spark rapid upside, offering traders a high-probability long entry. Over the longer term, continued ETF demand and a resumed uptrend within the parallel channel support a bullish outlook toward $3,200–$3,600 and potentially $3,750. Failure to hold key support at $2,420 would invalidate this thesis and shift the market stance bearish.