Ethereum Bull Market Confirmed as Price Breaks Key Monthly Resistance
Ethereum's (ETH) price broke through a key monthly resistance level of $2,470 on August 31, according to analyst Matthew Hyland. This development has led him to declare that a new bull market has begun.
In his analysis, Hyland compared the current chart structure to the setups that preceded ETH's rallies in 2016 and 2020. He noted that the close above $2,470 is the first confirmation of the end of the downtrend that started in August 2025.
However, not all traders share Hyland's optimism. DonAlt warned that there is 'no real resistance till $4k,' pointing to support around $2,100 and cautioning that a break below $2,000 could send price toward $1,000.
Ethereum's price recovery is happening alongside increased network activity, with the asset approaching 1 million active addresses. However, this number alone cannot establish whether ETH has entered a new long-term cycle.