Ethereum, the second largest cryptocurrency by market capitalization, might be on the verge of a structural shift that might eye $2,900 if validated.
According to Ali, Ethereum has officially cleared the X-axis of its ascending triangle, breaking through the critical $2,385 resistance level. This opens the path to $2,900, the analyst added.
Ali indicated that this price move represents a significant structural shift. The analyst indicated that Ethereum flipping the $2,385 into a support floor neutralizes recent sell signals and might suggest a major trend continuation.
With the overhead supply cleared, Ali stated that the technical objective for this formation is now $2,900. As long as Ethereum holds above the breakout zone at $2,385, the advantage will continue to tilt toward bulls.
Ethereum short-term price action
Ethereum rose to a high of $2,466 on April 17, extending its recovery from a March 29 low of $1,937. ETH’s price faced resistance at this level as sellers sought to halt the recovery. Bulls continued to press in and did not allow ETH’s price to dip below $2,300.
If ETH’s price continues to hold above the highlighted $2,385 level, the recovery may extend to $2,900, then to $3,050. Such a move suggests that Ethereum may have bottomed out at $1,742.
This bullish view will be invalidated in the near term if the price turns down sharply and breaks $2,300. That would suggest the recent rise might have been a bull trap. ETH could then decline to the $1,916 level.
Ethereum fundamentals remain
Ethereum processed a record 200.4 million base-layer transactions in Q1, 2026, as it saw a multi-year U-shaped recovery in network activity.
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Despite the surge in usage, Ethereum remains more than 50% below its August 2025 peak near $5,000, representing a divergence between fundamentals and price.
In other news, Bitmine now holds 4.87 million ETH worth $10.7 billion and is 81% of the way to its target of owning 5% of the entire ETH supply. Of this, Bitmine has staked 3.33 million ETH, or about 68%.
