Ethereum's monthly candle closed above a key resistance level for the first time since its downtrend began in August 2025. Analyst Matthew Hyland says the close confirms a new bull market, while other traders are debating how far the rally can run.
ETH Closes Above Key Resistance
Ethereum's latest monthly candle closed above resistance around $2,470 on Aug 31, prompting analyst Matthew Hyland to declare on X that the downtrend which started in August 2025 is over. Hyland framed the close as the first confirmation of a new bull market, comparing the current chart structure to the setups that preceded ETH's 2016 and 2020 rallies.
His chart runs from ETH's 2025 peak, hit in August that year, through a steady run of lower highs and lower lows that bottomed out near $1,500 to $1,600 in June and July this year.
Traders Eye the Next Resistance Zone
Other traders are watching the same zone. According to DonAlt: "No real resistance till $4k". He pointed to support around $2,100 and warned that a break below $2,000 could send price toward $1,000.
Daan Crypto Trades pointed out that ETH has spent the last 11 days pinned between its weekly 200-period moving average and a horizontal support level.
Oversold Signal Fuels All-Time-High Bets
Quantum Ascend noted that ETH's monthly candle closed near its 50-month simple moving average with the RSI still deeply oversold, a setup that last showed up in spring 2025, right before the token rallied 3.5x in five months. He says he's expecting a new all-time high based on the move.
At the time of writing, ether was trading above $2,400. It is up roughly 31% over the past month and 30% in two weeks. Ether remains about 50% below its record price of over $4,900 from August last year.
Source: CryptoPotato
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