Ethereum Breaks Key Resistance, Analyst Declares New Bull Market

Ethereum's (ETH) monthly chart has flipped bullish after breaking above a key resistance level of $2,470 on August 31. Analyst Matthew Hyland believes this is the first confirmation that a new bull market has started.

Hyland compared the current chart structure to the setups that preceded ETH's 2016 and 2020 rallies. He declared that the downtrend that started in August 2025 is over, calling it 'the first confirmation that a new bull market has started.'

However, other traders are more cautious. DonAlt pointed out that there is no real resistance till $4k, with support around $2,100 and a potential break below $2,000 sending the price toward $1,000.

Ethereum's price recovery is happening alongside increased network activity, with the asset approaching 1 million active addresses. However, this increase in activity also gives context to the price move, as it shows that the growth is not solely driven by price momentum.