Ethereum's price breakout could hint at a potential copycat season where key support and demand trends are emerging

The Ethereum blockchain experienced a major breakthrough as the price broke through the long-term resistance level of $2680. This breakthrough indicates a positive shift in market sentiment, and ETH is expected to show an upward trend. After going through an extensive consolidation phase, the asset established strong support between $2223 and $2320, and Ethereum has now regained momentum, indicating a healthier market structure.

Several factors have contributed to Ethereum's current dominance over Bitcoin in the market. As altcoins begin to gain a foothold again, trading volume is clearly skewed towards Ethereum. The crypto community is debating the possibility of an upcoming altcoin season, and it is expected that large investors will shift their investment focus from Bitcoin to altcoins, particularly ETH, which is known for its broad liquidity and growing influence in the decentralized finance (DeFi) and web3 sectors. This preference is particularly evident as Ethereum outperformed Bitcoin for the first time in a few weeks.

Interestingly, the activity of whale investors significantly affected Ethereum's price dynamics. Recent reports show that US spot Ether ETFs (especially ETFs led by BlackRock) have seen significant cash inflows. Cash inflows last week were $78.89 million, and the continued participation of institutional investors shows growing confidence in Ethereum. Investments on such a large scale are critical, as they help stabilize the market and drive prices to rise further.

From a technical perspective, it looks like the price of Ethereum is about to rise significantly. Ethereum broke through the daily downtrend line and was supported by a well-formed symmetrical triangle pattern. Furthermore, the price movements of Ethereum against the US dollar and Bitcoin showRelative strength index (RSI) There are signs of a positive divergence, which indicates that the bearish momentum is weakening and that a bullish reversal may be imminent. Traders are watching these patterns closely as they provide key insights into potential future price movements.

All in all, Ethereum recently broke through the $2,680 resistance level, marking a potentially transformative moment for cryptocurrencies. In favorable market dynamics, increased and active whale activityTechnical indicatorsWith support, ETH is likely to continue to rise. Investors should stay alert to these developments as the anticipated counterfeiting season could redefine the current landscape of the cryptocurrency market and potentially position Ethereum as a leading player in this growing ecosystem.