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The second-largest cryptocurrency by market capitalization, Ethereum ($ETH), held above the psychological $2,600 mark this weekend, confirming its breakout from a prolonged, multi-month sideways trading range. The move was driven by a strong breakout candle closing near its daily highs following a tight consolidation, pushing the asset out of the $1,800–$2,000 corridor, where the coin had stagnated since the summer.
For a market weary of uncertainty, this move is a direct signal of a potential global trend reversal.
The current price action confirms with pinpoint accuracy the calculations of certified technical analyst Aksel Kibar (CMT, TechCharts). Back in mid-August, at the height of the market lull, the expert predicted this scenario, setting an intermediate target at $2,163.
September's breakout validated his forecast, but Kibar urges caution and warns that it is too early to celebrate.
What could go wrong (actually, everything)
According to the analyst, the "ideal scenario" for Ethereum is not about immediately setting new highs, but rather about buyers' ability to hold their newly gained ground. The breakout impulse was strong, but the market now desperately needs a "domino effect."
To complete the formation of its multi-month base, Ethereum needs more consistent momentum and consecutive long bullish candles. Any hesitation at the current highs risks sending the price back into the sluggish trading range.
The asset is now undergoing a classic stress test as the market enters a crucial follow-through phase to test buyer commitment. The answer to whether the "ideal scenario" has been fully activated depends on one factor: if ETH manages to hold firmly above $2,550 without deep pullbacks, this level will become a solid foothold for further growth while testing the sustainability of this new higher range.
Otherwise, the current surge toward $2,630 will remain nothing more than a temporary spike within a prolonged sideways market.
Dan Burgin
U.Today Editorial Team
