Can Bulls Sustain the Breakout Rally?

The Ethereum price today is hovering around $2,627, showing a strong recovery from the mid-May lows near $1,840. The crypto market’s sentiment has shifted bullish, especially after Ethereum’s decisive breakout above the descending trendline that had capped price action for several weeks. This technical shift has put Ethereum back on traders’ radar as June begins, with price targets expanding toward higher Fibonacci zones.

As of May 30, Ethereum is consolidating below the $2,700 resistance but has firmly reclaimed the psychological $2,500 level. This setup raises the question: Why is the Ethereum price going up today and can bulls maintain the momentum through June?

What’s Happening With Ethereum’s Price?

ETH price dynamics (Source:TradingView)

The current Ethereum price action reflects a textbook bullish reversal from the $1,840 zone, where price rebounded off a long-term support cluster and quickly cleared key EMAs on the daily chart. Notably, the price is now trading above the 20/50/100/200-day EMAs, indicating renewed strength across both short- and medium-term outlooks.

ETH price dynamics (Source:TradingView)

On the weekly chart, Ethereum has broken out of a year-long descending wedge and is now attempting to establish higher lows. With resistance seen near $2,925 (previous supply zone and 0.5 Fibonacci level), June’s early sessions will be critical for confirming trend continuation. A sustained close above this level could open the door toward $3,150 and potentially $3,500 later in the month, assuming broader crypto sentiment remains supportive.

Indicators Hint at Increasing Ethereum Price Volatility

Ethereum price volatility is picking up. Bollinger Bands on the daily chart are expanding, signaling heightened directional momentum. Currently, price is holding above the median band, but with the upper band near $2,698 acting as short-term resistance, traders should expect sharp moves on either side if June begins with strong volume.

ETH price dynamics (Source:TradingView)

RSI on the daily chart sits near 64.6, slightly below the overbought zone. This suggests that Ethereum still has upside potential before reaching exhaustion, but any stalling below $2,700 could lead to minor profit-taking.

MACD on the daily timeframe shows waning momentum with a bearish crossover emerging, although histogram bars are narrowing, indicating indecision rather than deep selling. On the weekly chart, however, the MACD remains bullish, maintaining a positive divergence from the earlier downward cycle.

ETH price dynamics (Source:TradingView)

The Ichimoku Cloud setup remains favorable. Ethereum price is well above the cloud, and the lagging Chikou Span is still aligned positively. The cloud is also beginning to twist bullishly in future projections, especially on the weekly chart. These signals continue to support a bullish midterm thesis.

Key Levels to Watch for Ethereum in June

ETH price dynamics (Source:TradingView)

For June 2025, traders should focus on a few critical levels. Immediate support is seen near $2,519, followed by stronger buying interest around $2,275. On the upside, a daily or weekly close above $2,925 would strengthen the case for a rally toward $3,150, with extended targets at $3,500 and even $3,815 if momentum persists.

Should Ethereum fail to hold above $2,500, deeper pullbacks could test $2,275 again, which marks a confluence of prior breakout zones and the 0.382 Fibonacci retracement. Any drop below this would weaken the bullish structure and possibly expose $2,027 and $1,845 as broader correction levels.

Short-Term Outlook and Ethereum Price Update

ETH price dynamics (Source:TradingView)

The current Ethereum price update suggests a healthy structure but with short-term caution. Stochastic RSI is curling from oversold levels, which may signal a bounce attempt in early June. However, the risk of rejection from the $2,700–$2,925 range remains if volume does not accompany the move higher.

In summary, Ethereum price has entered June with a technically sound setup. As long as key supports hold and bulls reclaim $2,925 decisively, a sustained rally toward the mid-$3,000s is well within reach this month.

Ethereum Price Forecast Table for June 2025