Ethereum (ETH) Price: Could History Repeat with Another Bull Run Like 2020?

TLDR

Ethereum (ETH) has reclaimed the $2,800 level for the first time since February, reaching a three-month high of $2,879 Analysts see potential for another 10% surge toward $3,100 based on ascending triangle breakout patterns Current price action mirrors early 2024 bullish fractal that led to ETH reaching near $4,000 ETH market cap has crossed $345 billion with renewed whale accumulation and record-high open interest Key support holds at $2,500 level while resistance targets remain at $3,200-$3,500 range

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Ethereum has broken through the $2,800 barrier for the first time since February. The world’s second-largest cryptocurrency reached a three-month high of $2,879 on Wednesday morning.

Ethereum (ETH) Price

The token had been trading in a range between $2,475 and $2,680 since its May breakout. ETH struggled to turn the upper boundary of this range into solid support.

Last week saw a pullback that brought ETH down to $2,400 support levels. The cryptocurrency bounced over the weekend as the broader crypto market began recovering.

The recovery momentum carried Ethereum past the key $2,800 resistance at the start of this week. This breakout ended months of sideways price action.

Analyst Carl Runefelt from The Moon Show identified an ascending triangle formation on ETH’s chart. He noted that the cryptocurrency has now broken out of this pattern.

🚨 According to this ascending triangle, #Ethereum might reach $3,100🎯 pic.twitter.com/H8q5PqMbPl

— Carl Moon (@TheMoonCarl) June 11, 2025

The triangle formation began developing during last month’s recovery rally. Price action compressed between support and resistance lines during this period.

Technical Analysis Points to Further Gains

Runefelt forecasts a 15% surge toward the $3,100 level if ETH maintains its current position. Based on this projection, Ethereum could climb another 10.7% from current levels.

The analyst also highlighted a bullish pennant pattern in the ETH/BTC trading pair. This formation developed during the May rally period.

ETH has broken out of the pennant’s upper boundary this week. The breakout targets a 30% surge toward the 0.03300 mark against Bitcoin.

Market analyst Kaleo drew parallels between current price action and 2020 patterns. He noted similarities between ETH’s performance then and now.

#Ethereum / $ETH

A lot of similarities on the chart to where we are now vs. where we were in 2020.

Spring of 2020 there was a major selloff from the COVID crash that sent ETH beneath HTF support. Once that line was reclaimed, ETH was up only for the next 20 months.

The recent… pic.twitter.com/eYDcJyZtNn

— K A L E O (@CryptoKaleo) June 11, 2025

In spring 2020, Ethereum experienced a major sell-off due to the COVID-19 crash. The price fell below a key higher timeframe support level.

Once the ascending trendline was reclaimed as support, ETH was “up only for the next 20 months.” Kaleo sees similar conditions forming now.

Current Market Structure Shows Strength

The recent sell-off was triggered by concerns over potential Trump tariffs. This sent the altcoin below its multi-year ascending support trendline.

ETH is currently positioned to reclaim that support line. If history repeats, investors could see another strong bull run period.

Analyst DonAlt views ETH’s chart as looking “pretty good” with its higher timeframe range reclaim. He believes a new all-time high is possible if the $3,800 resistance breaks.

$ETH

HTF Range reclaim
Only resistance left is $3800 if that breaks I'll expect new ATHs
Invalidation for bulls is a close sub $2200

Pretty good chart IMO pic.twitter.com/KF0hpxa9Sv

— DonAlt (@CryptoDonAlt) June 11, 2025

The rally’s invalidation level sits at a close below $2,200. This level would signal a breakdown of the current bullish structure.

Ethereum’s weekly chart shows a confirmed retest of the $2,500 zone. Crypto analyst Rekt Capital highlighted similarities between this pattern and early 2024 setups.

In both cases, ETH posted weekly gains exceeding 13% after testing this zone. This signals renewed buyer interest at these levels.

Market Metrics Support Bullish Case

ETH’s total market cap recently reclaimed the $345 billion mark. This follows a breakout from prolonged consolidation periods.

The ongoing Wyckoff reaccumulation pattern suggests market readiness for broader price expansion. Whale activity has returned with one wallet accumulating 16,500 ETH.

Open interest in ETH has reached all-time highs. This reflects surging participation and positioning strength relative to Bitcoin.

Trading volume has increased as ETH maintains structure above $2,500 support. Technical indicators point toward sustained upside potential.

As of current trading, ETH sits at $2,763.69, reflecting a 5.62% rise over the past seven days. The token dipped 0.77% in the last 24 hours but holds above key support levels.

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