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Ethereum’s latest monthly candle closed above a key resistance level around $2,470 on August 31, prompting analyst Matthew Hyland to declare on X that the downtrend that started in August 2025 is over.<\/p>\n
He framed the close as the first confirmation that a new bull market has started, comparing the current chart structure to the setups that preceded ETH’s 2016 and 2020 rallies.<\/p>\n
Hyland’s chart runs<\/a> from ETH’s 2025 peak, hit in August of 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 of this year.<\/p>\n “ETH confirms a Monthly Higher_High and ends its downtrend that started in August of 2025,” Hyland posted. “The Bears have been slayed. WELCOME TO THE #CRYPTO BULL MARKET!!”<\/p>\n<\/blockquote>\n Other traders have been circling the same zone, including DonAlt, who wrote that ETH has “No real resistance till $4k,” pointing to support around $2,100 and warning that a break below $2,000 could send price toward $1,000.<\/p>\n Fellow market watcher Daan Crypto Trades pointed out<\/a> that ETH has spent the last 11 days pinned between its weekly 200-period moving average and a horizontal support level.<\/p>\n Another analyst, Quantum Ascend, noted<\/a> 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, and he says he’s “expecting a new all-time high” based on the move.<\/p>\n At the time of writing, the second-largest crypto asset was trading above $2,400, up roughly 31% over the past month and 30% in two weeks, while remaining about 50% below its record price of over $4,900 from August last year.<\/p>\n ETH’s price recovery is happening alongside increased network activity. As CryptoPotato<\/em> reported, Ethereum is approaching<\/a> 1 million active addresses, despite substantial activity taking place across Layer 2 networks.<\/p>\n That gives the price move some additional context, although active addresses alone cannot establish whether ETH has entered a new long-term cycle. Tron, for example, has more than 4 million active addresses, largely linked to payments and stablecoin transfers.<\/p>\n For now, the cleanest test of Hyland’s 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.<\/p>\n More on Ethereum can be found in our market video below:<\/p>\n<\/p>\n The post Analyst Declares Bull Market After ETH Breaks Key Monthly Resistance<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
Network Activity Adds Another Piece<\/h2>\n
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