Ethereum (ETH) has demonstrated a significant resurgence, overcoming weeks of uncertainty and bearish sentiment. After experiencing a sharp decline below its long-standing consolidation range, ETH found robust support near the $2,100 level. This pivotal point marked the beginning of a strong recovery, with the cryptocurrency surging more than 15% from its low recorded last Sunday.

This impressive rebound coincides with an improvement in overall market sentiment, largely influenced by a ceasefire agreement between Israel and Iran, which helped to alleviate geopolitical tensions. Despite ongoing macroeconomic uncertainties, including concerns over a potential U.S. recession, rising bond yields, and a cautious Federal Reserve, Ethereum's recovery has placed it back into a critical technical zone. Bulls are now actively attempting to reclaim control, showing renewed strength after a period of sideways trading throughout May and June.

Top analyst Mister Crypto has shared a decidedly bullish technical outlook for Ethereum, indicating that ETH is poised for a significant breakout. According to his analysis, the current price structure and momentum suggest that Ethereum is preparing to challenge key resistance levels, potentially entering a new phase of expansion. On-chain activity is beginning to pick up, and a gradual return of broader market confidence further supports the idea that Ethereum could lead a potential altcoin rally in the coming weeks.

Ethereum’s strong comeback from the depths of its recent losses was particularly noteworthy. After briefly losing key support levels, the announcement of the Middle East ceasefire provided a wave of relief that allowed bulls to regain momentum. ETH has successfully reclaimed price levels last seen before its breakdown, marking a crucial moment as it tests the resilience of current market sentiment. While the broader crypto market remains cautious, with altcoins generally underperforming Bitcoin, many investors are closely watching Ethereum as a potential catalyst for the long-anticipated altseason.

Mister Crypto specifically highlights the $2,800 resistance level as a major psychological and structural barrier. A decisive move beyond this point could fundamentally redefine ETH’s trajectory for the rest of the year. Volume is returning, and on-chain data indicates growing confidence among long-term holders, signaling a potential shift in trend. If bulls successfully push ETH past this critical zone, it could trigger renewed interest across the altcoin market and attract a fresh wave of capital, setting the tone for the next phase of the crypto cycle.

Currently, Ethereum is trading near $2,414, following its sharp rebound from the $2,100 zone. The 8-hour chart displays a clear V-shaped recovery, with bulls pushing the price above the 200 Simple Moving Average (SMA) at $2,326, thereby reclaiming short-term control. The surge in volume during this ascent confirms strong buying interest. However, ETH now faces immediate resistance in the $2,450–$2,500 zone, where the 50 and 100 SMAs converge. These moving averages previously served as key levels during Ethereum’s consolidation in early June.

A successful breakout above this range would pave the way for a retest of the $2,700–$2,800 levels, aligning with analysts' projections. For now, Ethereum’s price action remains in a neutral consolidation range, albeit with a slight bullish bias. If ETH can maintain its position above the 200 SMA and establish strong support above $2,400, the bullish case will significantly strengthen. Conversely, a failure to break above $2,500 could lead to another pullback towards the $2,300 level. The price action in the coming sessions will be crucial in determining whether Ethereum continues its breakout attempt or enters another period of sideways consolidation amidst broader market uncertainty.