After dipping into the $1,620–$1,700 support area last week, Ethereum rebounded strongly and climbed to $1,806, marking an 11% weekly gain. Institutions jumped in—BlackRock quietly added $54 million of ETH to its holdings—reigniting optimism about a move toward $2,500 later this quarter.
The bounce also helped ETH recapture its 50-day moving average for the first time since February.
Breaching $2,200 Could Open Path to $3K–$4K
On the weekly chart, Ethereum found support at the bottom of its key zone and reversed higher. The next hurdle is $2,200. A daily close above that level could open doors to a rally targeting $3,000–$4,000 over the next few months. Weekly trading volume rose about 15%, suggesting buyers are gearing up for more gains.
Over the past two months, ETH’s weekly chart shows a falling wedge pattern. In crypto, this setup often signals a reversal. Traders look for a break above the wedge’s upper line. A strong increase in volume on that breakout would confirm the pattern and point to higher prices.
Related: Ethereum Whale Borrows 4,000 ETH on Aave to Initiate New Short Position
Traders should watch for daily closes above $2,200 and for price to stay above its 20-week moving average, which currently sits near $1,900. If both happen, it would confirm bullish momentum and likely draw more buying. If not, Ethereum could fall back into consolidation or retest its support zone at $1,700.
ETH Market Share Stabilizes After All-Time Lows
Ethereum’s market share—the percentage of total crypto market cap—fell below 7%, hitting a record low, according to Rekt Capital.
But that level now appears to be holding as support. If dominance stays above 7%, it could spark a broader altcoin rally and help ETH regain share. Failure here might delay the overall crypto recovery. Holding above 7% is critical for Ethereum’s broader price recovery.
Related: Ethereum Tops $1,800 as BlackRock’s $54M Investment Fuels Market Optimism
Overall, Ethereum’s sharp rebound from its critical support zone has shifted short-term sentiment and set up a possible test of $2,500—provided bulls maintain buying pressure and confirm key technical levels on daily and weekly timeframes.
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