Ethereum Breaks Key Resistance at $2,550 – Analysts Highlight Crucial Levels Ahead

Ethereum (ETH) has surged 7.5% in daily trading, successfully breaking through a critical resistance level for the first time in weeks. This upward momentum has analysts anticipating a potential retest of range highs in the near term.

On Wednesday, ETH rallied from its local low of $2,380 to reclaim the $2,550 threshold, marking a two-week high. The cryptocurrency has maintained a trading range between $2,400 and $2,800 since early May, briefly losing ground after failing to sustain support at $2,550 two weeks prior.

Despite initial struggles to surpass the $2,500 barrier following its recovery, today's broader market rebound – which saw Bitcoin climb to $109,600 – has reignited bullish sentiment. Prominent traders note ETH's clean breakout from its local range, emphasizing the importance of holding above $2,520 to confirm the move's sustainability.

Technical analysts highlight ETH's formation of an ascending triangle over three months, with the altcoin leader consistently respecting support levels. The current setup suggests a potential push toward $2,700 resistance, with some experts drawing parallels to Ethereum's historical price patterns.

Notably, analysts observe similarities between ETH's current cycle and its 2020-2022 bull run, when the asset surged from $100 to its all-time high of $4,878. With ETH currently retracing up to 68% from its previous peak while BTC achieves new highs, some suggest history may repeat with another major breakout phase.

As of publication, Ethereum trades at $2,568, reflecting a 6.1% weekly gain.