ETH Poised for a Big Spike After Reclaiming $2,800 – Will It Go Up?

Jakarta, Pintu News – Ethereum (ETH) appears to be gearing up for a significant upswing after successfully reclaiming the $2,800 level, the first time it has reached since February. With recent analysis pointing to further upside potential, many are wondering if this is the beginning of a sustainable uptrend.

Ethereum Recovery Towards $3,100

After spending some time in a narrow trading range, Ethereum (ETH) has finally broken through its upper limit and is now approaching the $2,900 level. On Wednesday morning, the cryptocurrency reached a price of $2,879, which is the highest point in the last three months. Analyst Carl Runefelt of The Moon Show points out that Ethereum (ETH) has broken out of its ascending triangle formation and is now eyeing resistance at $3,100.

Previously, Runefelt had identified a triangle pattern that started forming since the beginning of the recovery last month. During that period, the price of Ethereum (ETH) compressed between support and resistance lines, with the upper limit hovering around $2,700. If the cryptocurrency manages to maintain its current range, an additional gain of 10.7% is expected.

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Ethereum’s Bullish Formation Against Bitcoin

Aside from against the US dollar, Ethereum (ETH) also showed bullish formations in its trading pair against Bitcoin (BTC). During the May rally, Ethereum (ETH) formed a bullish pennant pattern. With the crypto market recovering this week, the cryptocurrency managed to break the upper limit of the formation, targeting a 30% gain towards 0.03300.

This analysis adds optimism to Ethereum’s (ETH) prospects in the short-term, especially if it can continue to maintain this positive momentum. The rise against Bitcoin (BTC) also shows Ethereum’s (ETH) relative strength in the broader market, which could be an important indicator for further price movements.

Will history repeat itself?

Market watcher Kaleo highlighted the similarities between Ethereum’s (ETH) performance between 2020 and 2025. According to him, there are many similarities in the chart that indicate the potential for historical repetition. In 2020, after a huge drop due to the COVID-19 pandemic, Ethereum (ETH) managed to recover an uptrend line as support and experienced gains over the following 20 months.

Kaleo also described the recent decline triggered by Trump’s tariff concerns, which briefly pushed Ethereum (ETH) below its multi-year uptrend support line. If this pattern repeats, there could be another big spike in the price of Ethereum (ETH) and possibly the accompanying altcoin season.

Conclusion: Ethereum’s Prospects Are Promising

With Ethereum (ETH) now trading at $2,803, showing a 6.7% gain in the daily time frame, its short-term outlook looks very promising. Analyst DonAlt even stated that Ethereum (ETH)’s chart looks “very good” and it is likely to hit a new record high if it can reclaim the $3,800 resistance. However, the invalidation level for this rally would be a close below $2,200.

Also Read: Crypto Market Optimism: Can Optimism (OP) Break $0.72?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Ethereum Prepares for Massive Run After $2800 Reclaim, Up Only Ahead. Accessed on June 12, 2025
• Featured Image: Decrypt