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Ethereum is navigating intense volatility as global tensions rise, particularly with the escalating conflict between Israel and Iran. Markets are on edge amid growing fears that the United States could become directly involved, further increasing uncertainty across risk assets. Despite these headwinds, Ethereum has managed to hold above the $2,500 level, showing resilience even as price action remains stuck within a range that began forming in early May.

The $2,700 level stands out as a key resistance that bulls must reclaim to spark momentum toward the $3,000 mark. However, repeated rejections from this area signal that buyers are hesitating, possibly due to the broader market’s caution and unclear macroeconomic outlook.

Top analyst Ted Pillows highlighted a notable development: despite heightened global tensions, the ETH/BTC pair is up on the weekly timeframe. This suggests relative strength from Ethereum and may indicate that the worst of the downside could be behind it. If the pair continues outperforming Bitcoin, it could signal the beginning of a new altcoin trend — but much depends on whether Ethereum can reclaim and sustain levels above $2,700 in the face of growing geopolitical risks and tightening market conditions.

Ethereum Eyes Breakout As ETH/BTC Chart Shows Strength

Ethereum is positioning for a decisive move after more than six weeks of consolidation just below the $2,800 level. Price action has been trapped between $2,500 and $2,800, with bulls repeatedly testing the upper boundary while bears continue to defend it. This prolonged standoff suggests a build-up of pressure that could soon erupt into a major directional shift.

Bulls are attempting to reclaim control as the broader crypto market stabilizes, but uncertainty remains elevated. The ongoing conflict between Israel and Iran, along with the looming risk of US involvement, continues to weigh heavily on sentiment. Investors are cautiously watching for clarity, and until geopolitical risks ease, Ethereum and other risk assets are likely to remain in a sideways trend.

Ted Pillows points to the ETH/BTC weekly chart as a leading signal. According to his analysis, despite extreme macro stress, ETH/BTC is climbing — a sign that Ethereum has likely bottomed relative to Bitcoin for this cycle. Historically, such bottom formations often precede strong altcoin rallies.

Pillows suggests that once macro conditions begin to stabilize, Ethereum could mirror its explosive May performance. A breakout above $2,800 would confirm bullish momentum and potentially ignite a parabolic move toward the $3,200–$3,500 range. For now, the $2,800 resistance remains the critical barrier that must be flipped into support to validate any breakout scenario.

ETH Consolidates At Critical Support

The 12-hour chart for Ethereum (ETH) shows continued consolidation within a well-defined range between $2,500 and $2,800. ETH recently tested the lower boundary of this range around $2,500 and held, suggesting bulls are still defending key demand levels. However, upside momentum has stalled multiple times at the $2,675–$2,800 resistance zone, marked by the yellow highlighted region on the chart.

Volume has remained elevated during recent attempts to break out, but each rally has met strong selling pressure, especially as price approaches the $2,750 area. This indicates bears are actively protecting that level. The 50-day and 100-day moving averages are starting to flatten, reflecting the lack of directional bias, while the 200-day MA remains comfortably below current price — a long-term bullish sign if support continues to hold.

The price action suggests that Ethereum is coiling for a decisive move. If ETH loses the $2,500 level with strong volume, a drop toward the 100-day moving average around $2,427 becomes likely. On the other hand, a clean break and close above $2,800 could open the door to a fast move toward $3,000–$3,200. For now, all eyes are on the range boundaries as market participants await resolution.

Featured image from Dall-E, chart from TradingView

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The price of Ethereum (ETH) continued to impress over the past week, briefly touching the $2,700 level (for the first time in nearly three months) on Tuesday, May 13. While the altcoin has somewhat slowed down at the start of this weekend, the market confidence continues to tilt toward the continued recovery of the ETH price.

Specifically, the price of Ethereum is being tipped to take a step further in its recovery by outperforming Bitcoin (the world’s largest cryptocurrency by market capitalization) over the next few months. This overwhelming potential of the “king of altcoins” overtaking BTC begs the question: Is the altseason on the horizon?

ETH Sees Increased Investor Demand And Reduced Selling Pressure

In its latest weekly report, market analytics platform CryptoQuant revealed that the price of Ethereum relative to Bitcoin may have hit its bottom, suggesting that the former might be preparing to outperform BTC. According to CryptoQuant, this development could mark the beginning of the altseason — a period where capital rotates from Bitcoin into other crypto assets.

Data provided by CryptoQuant shows that the ETH/BTC price ratio has experienced a 38% increase in the past week. This positive rally came after the ratio fell to its lowest since January 2020, marking a historical relative bottom for ETH and springboard for the altcoin season.

Furthermore, CryptoQuant highlighted that Ethereum recently entered an extreme undervaluation region, based on the ETH/BTC MVRV (market value to realized value) metric, for the first time since 2019. When this occurred in 2017, 2018, and 2019, ETH went on to outperform BTC by a significant margin.

Source: CryptoQuant

CryptoQuant also mentioned that Ethereum’s possible bottom again Bitcoin is further accentuated by the higher demand and reduced selling pressure for ETH compared to BTC. For instance, the relative ratio of ETH’s spot trading volume to Bitcoin jumped to 0.89 — its highest value since August 2024 — in the past week, showing the larger propensity of investors to buy ETH instead of Bitcoin.

Meanwhile, investors are also favoring Ethereum through exchange-traded funds (ETFs) purchases, with the ETF holdings ratio increasing sharply since late April. This growth spike suggests an increased purchase of ETH through ETFs relative to Bitcoin  — influenced by growth catalysts such as recent network upgrades and improving macro environment.

Finally, exchange inflow data demonstrates the dwindling sell pressure on Ethereum compared to Bitcoin. CryptoQuant noted that, as of May 2025, the ETH exchange inflow ratio has dropped to its lowest level since 2020, suggesting the altcoin is facing significantly lower selling pressure than BTC.

Ethereum Price At A Glance

As of this writing, the price of ETH sits just beneath $2,500, reflecting an over 3% decline in the past 24 hours.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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The first quarter of 2025 was dominated by talks of the altcoin season, as is usually the case when the bull cycle is ending. In past cycles, capital tends to rotate from Bitcoin to other cryptocurrencies as investors look for maximum gain before the arrival of the bear market.

However, the story has been very different for the cryptocurrency market so far this year, with most large-cap assets failing to enjoy the same capital rotation seen in past cycles. The latest on-chain data shows that Bitcoin has continued to dominate the crypto market, outperforming all categories of altcoins.

Is It Time To Buy Altcoins?

In an April 5 post on the X platform, pseudonymous analyst Darkfost shared an interesting on-chain insight into the performance of all altcoin categories relative to the world’s largest cryptocurrency. According to the online pundit, the altcoins are underperforming compared to Bitcoin in terms of market capitalization growth.

In their post, Darkfost compared the market cap growth of Bitcoin, large-cap altcoins (the top 20 largest altcoins), and mid-to-small cap altcoins by calculating the difference between their 365-day and the 30-day moving average (MAs). According to the analyst, the variation between the 365-day MA and the 30-day MA serves as an indicator of growth momentum.

Typically, when the short-term moving average (30-day MA) rises faster than the long-term moving average (365-day MA), it implies rapid market cap growth. On the flip side, a reduced growth momentum is indicated by a lagging 30-day moving average.

Source: @Darkfost_Coc on X

As observed in the chart above, Bitcoin is outpacing the large-cap and mid-to-small-cap altcoins in terms of their market cap growth. Darkfost noted that this difference in the growth ratio has reached a level last seen in October 2023, a period correlated with a brief altcoin rally and subsequently BTC’s dominance.

The analyst further highlighted that when this growth ratio turns negative, it often signals that a strong correction has occurred. Historically, a negative ratio might present a potential buying opportunity for investors looking to get into the market.

Bitcoin And Ethereum Price Quick Look

As of this writing, the price of BTC stands at around $83,500, reflecting no significant movement in the past 24 hours. At the same time, the ETH token is valued at around $1,805, with no change in the past day.

While the premier cryptocurrency dropped by about 15% in the first quarter of 2025, Ethereum lost almost double its value in the same period. This gap in performance underscores how woeful the “king of altcoins” has been in the past few months.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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Ethereum (ETH) has dropped nearly 10% in the past 24 hours, falling from $2,721 on February 24 to $2,313 earlier today. According to crypto analysts, $2,300 is the next critical support level – if ETH fails to hold this level, it could face further losses.

Ethereum Crashes Amid Crypto Market Sell-Off

The broader crypto market has endured a tumultuous 24 hours, shedding nearly 10% of its total market cap – approximately $300 billion in value. Amid the downturn, ETH’s market cap has plummeted from $340 billion to as low as $286 billion in just two days.

Crypto trader Merlijn The Trader shared their insights on ETH’s price action in an X post, noting that ETH is currently testing the 50-day Simple Moving Average (50 SMA) – a level they describe as the “make-or-break” zone for the asset.

The analyst emphasized the importance of ETH holding the $2,350 price level, warning that a breakdown below this level could get “ugly.” If Ethereum fails to maintain support, it could drop significantly, with the next major support level near $1,100.

Fellow crypto analyst Ali Martinez echoed Merlijn’s concerns, highlighting $2,300 as a crucial support level for ETH. According to the following 3-day chart, this level is near the bottom of the trading channel that ETH has been moving within since November 2024.

Meanwhile, Daan Crypto Trades pointed out that ETH has repeatedly failed to break through resistance at $2,800. They noted that after Bybit announced it would restore users’ ETH balances following the recent hack, ETH experienced a sell-off. They added:

This cycle, both $BTC & $ETH have reacted well around the .786 levels so I’m keeping an eye on this area here. BTC also just swept the range lows. The larger range between ~$2.1K-$2.8K remains the most important one. Anyways, currently just holding spot and not doing much.

Is The Altseason Dead?

ETH’s prolonged poor performance has cast doubt on the possibility of a full-blown altseason. For the uninitiated, altseason refers to a market phase where altcoins – cryptocurrencies other than Bitcoin (BTC) – deliver extraordinary returns in a short period.

While market sentiment surrounding ETH may be far from bullish at the moment, some industry leaders remain confident in a strong rebound for the leading smart contract platform.

In an X post, CryptoQuant CEO Ki Young Ju noted that there was no significant Ethereum selling pressure following the Bybit hack. He also suggested that favorable crypto regulations under US President Donald Trump could trigger a “large-cap ETF altseason,” potentially driving ETH’s price higher.

Similarly, crypto analyst Ted provided some optimism for altseason enthusiasts. Sharing the following weekly chart, Ted highlighted that the altcoin market cap has formed its first golden cross since Q1 2021. He added:

The last time this happened, Altcoin market cap pumped 500% in just a few months. It looks like altseason will soon become a reality. Do you bullieve?

That said, recent on-chain analysis does not inspire much confidence in ETH’s short-to-medium-term price action. At press time, ETH is trading at $2,418, down 9.5% in the past 24 hours.

Featured Image from Unsplash.com, Charts from X and TradingView.com

Ethereum has faced significant resistance at the $3,400 level, struggling to break above this critical barrier as it continues to underperform against Bitcoin. Over the past year, ETH has lagged behind BTC, with Bitcoin outpacing Ethereum by nearly 3x in 2024, according to data from CryptoQuant. This performance disparity has raised concerns among investors, as Ethereum’s underperformance has delayed the much-anticipated altcoin rally.

Despite these challenges, analysts and investors remain optimistic about Ethereum’s potential to recover and spearhead a new altseason. Historically, ETH has often taken the lead in driving gains across the altcoin market once Bitcoin dominance begins to decline. For this to happen, ETH must reclaim its strength relative to Bitcoin and break above the $3,400 resistance level with conviction.

The coming weeks are critical for Ethereum, as a shift in market dynamics is needed to redirect gains from Bitcoin to altcoins. If ETH manages to reverse its trend and outperform Bitcoin, it could signal the start of a broader rally across the altcoin market. Investors are closely watching price action, as its ability to overcome resistance will determine whether the long-awaited altseason becomes a reality.

Ethereum Lags Behind BTC

Ethereum, the second-largest cryptocurrency in the world, has had an underwhelming performance in 2024, significantly lagging behind Bitcoin, which has been on an impressive upward trajectory. 

According to data shared by CryptoQuant analyst Axel Adler, while Bitcoin has surged by 164% this year, ETH has only seen a 59% increase. This performance gap of nearly 3x between Bitcoin and ETH highlights a concerning trend for altcoin enthusiasts, as Ethereum’s relative underperformance has limited the broader altcoin market’s growth.

For the crypto market to experience a true altseason, ETH must regain its strength and reclaim the yearly highs around $4,000 it set last March. Ethereum’s dominance has historically been a driving force for altcoins, with many following its lead during strong bullish phases. However, this year, the lack of momentum from ETH has put a damper on the altcoin market, leaving investors to wonder when it will regain its leading position.

If ETH continues to lag behind Bitcoin, the hopes of an altseason with massive gains for altcoins may remain unfulfilled. Therefore, ETH must break through key resistance levels and push towards its yearly highs. Investors and analysts alike are eagerly watching for any signs of recovery from ETH to lead the charge for altcoins.

ETH Testing Key Supply 

Ethereum is trading at $3,340 after several days of consolidation below the critical $3,400 supply level. The price has remained resilient, staying above the 200-day Moving Average (MA), which signals long-term strength and suggests that the broader bullish trend may remain intact.

However, ETH has struggled to break above the $3,400 mark, and a failed breakout at this level could cause the price to remain range-bound for the next few weeks, potentially delaying any upward momentum.

For ETH bulls to regain control and push the price toward yearly highs, it is essential for ETH to reclaim the $3,400 level decisively. A strong breakout above this resistance would likely trigger a surge, with the potential to challenge the $4,000 mark again. Without this key breakout, ETH risks further consolidation or even a retracement to lower support levels, which could stall the current bullish outlook.

As the price continues to test this key resistance zone, all eyes are on the $3,400 level. Ethereum’s ability to break through and hold above this level will be crucial in determining whether the altcoin can continue its rally or face additional setbacks in the short term.

Featured image from Dall-E, chart from TradingView