Analyst Declares Bull Market After ETH Breaks Key Monthly Resistance
Ethereum’s latest monthly candle closed above a key resistance level around $2,470 on August 31, prompting analyst Matthew Hyland to declare on X that the downtrend that started in August 2025 is over.
He framed the close as the first confirmation that a new bull market has started, comparing the current chart structure to the setups that preceded ETH’s 2016 and 2020 rallies.
ETH’s Monthly Chart Flips Bullish
Hyland’s chart runs from ETH’s 2025 peak, hit in August of that year, through a steady run of lower highs and lower lows that bottomed out near $1,500 to $1,600 in June and July of this year.
“ETH confirms a Monthly Higher_High and ends its downtrend that started in August of 2025,” Hyland posted. “The Bears have been slayed. WELCOME TO THE #CRYPTO BULL MARKET!!”
Other traders have been circling the same zone, including DonAlt, who wrote that ETH has “No real resistance till $4k,” pointing to support around $2,100 and warning that a break below $2,000 could send price toward $1,000.
Fellow market watcher Daan Crypto Trades pointed out that ETH has spent the last 11 days pinned between its weekly 200-period moving average and a horizontal support level.
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