Ethereum (ETH) 
$2,374 made a significant breakthrough on the morning of July 10, breaking a four-week sideways trend and crossing the critical $2,700 threshold. As of now, ETH is priced above $2,800, marking a 6.2% increase in the last 24 hours. This performance has propelled Ethereum ahead of Bitcoin 
$78,815 and numerous other major cryptocurrencies in recent gains. Notably, analysts suggest that this price volatility in Ethereum could ignite a new altcoin rally.
Key Technical Signals for Ethereum
Starting the month at $2,484.51, Ethereum has showcased a notable 17.04% increase in value in July. Its daily surge of 6.2% has effectively tripled Bitcoin’s 2.2% growth. The open interest in Ethereum futures on the Chicago Mercantile Exchange has surged to $3.27 billion, the highest level since February 2. Furthermore, institutional investors are gravitating towards ETH through regulated products, as evidenced by eight consecutive weeks of net inflows into spot Ethereum ETFs.
In technical analysis, Ethereum’s price has settled above the 50, 100, and 200-day moving averages. The range of $2,650–$2,750 now acts as a support level. Although the Relative Strength Index (RSI) at 66.71 indicates ongoing buying pressure, Ethereum’s trajectory could face significant profit-taking challenges in the low-volume zone between $3,000 and $3,300.
How Close Are We to the Altcoin Season?
The market research firm Swissblock emphasizes the critical nature of the upcoming 72 hours. Should Ethereum maintain its momentum and continue to strengthen against Bitcoin, the dominance of the altcoin market unseen since 2021 might be confirmed. Under such circumstances, capital inflow into medium-sized altcoins might accelerate, potentially heralding the onset of an altcoin season.
Should Ethereum’s price fall below $2,750, the upward momentum might weaken. Analysts point out that in case of a pullback, $2,375 will be the first significant support level. Otherwise, the price might remain trapped in a protracted horizontal range. For the upward trend to persist, sustained volume purchases and daily closings above $2,795 are deemed crucial.
