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Home web3.0 Ethereum returns to range highs, breaking through $2,800 may ignite altcoin season

Ethereum returns to range highs, breaking through $2,800 may ignite altcoin season

Jul 30, 2025 pm 06:30 PM
ai Bitcoin Ethereum btc usdt concept coin Altcoins Lock position

Ethereum has strongly broken through $2,800, marking the full outbreak of the altcoin season; 1. The technical side and the capital side resonate, the ETH daily line breaks through the head and shoulders bottom pattern, the active address and giant whale positions rise, and the derivatives market is full of long sentiment; 2. The altcoin follow-up effect appears, the ETH/BTC exchange rate approaches the key 0.06, and the top 50 altcoins in the 84% weekly closing positive, OP, ARB, RNDR, FET, etc. have increased by more than 30 %; 3. Ecological upgrades become the core catalyst, the probability of ETF approval has risen to 75%, Pectra upgrades will push account abstraction, Layer2's total lock-in position reached US$38 billion to hit a record high; despite the risk of strong resistance of US$3,000 and CME gap, if ETH can maintain the weekly support of US$2,800, the strongest rise in 2024 may be opened. It is recommended to pay attention to high-performance L1, DeFi blue chips and RWA track leading projects.

Ethereum returns to range highs, breaking through $2,800 may ignite altcoin season - php Chinese

Ethereum breaks through $2,800: Altcoin season may explode in full swing

After several weeks of consolidation, Ethereum (ETH) has recently successfully broken through the key resistance level of $2,800, with a weekly increase of more than 18%, re-establishing the range high since May. This breakthrough trend not only consolidates ETH's leading position in the smart contract platform, but is also regarded by the market as an important signal that the Altseason will soon start.

The technical side resonates with the capital side
From the technical structure, ETH/USDT has completed the head and shoulders bottom pattern construction at the daily level, and the breakthrough of US$2,800 confirms the medium-term upward trend. On-chain data shows that with the rise in prices, the number of active addresses on the Ethereum network surged by 22% in a single week, and the proportion of Giant Whale Address (holdings exceeding 10,000 ETH) rebounded to 39.5%, reflecting that institutional investors are accelerating their layout. The derivatives market is also hot, with the ETH perpetual contract funding rate remaining positive, and the number of open contracts exceeding US$8 billion, indicating that the market is full of long sentiment.

The altcoin follow-up effect appears
Historical data shows that when the exchange rate of ETH against Bitcoin (BTC) breaks through the key watershed of 0.06, the altcoin market often ushers in a general rise. The current ETH/BTC exchange rate has risen to 0.058, just one step away from the trigger threshold. Driven by ETH, 84% of the top 50 altcoins with market value have closed positive weekly, among which Layer2 tokens such as OP and ARB, as well as AI concept coins such as RNDR and FET have increased by more than 30%, and the market risk preference has increased significantly.

Ecology upgrade to core catalyst
Behind this round of rise is the substantial progress of the Ethereum ecosystem:

  1. ETF expectations heat up: The US SEC's review of spot ETH ETFs has entered a critical stage, and Bloomberg analysts have raised the approval probability to 75%;

  2. Technology upgrade: Pectra upgrade is expected to be implemented in 2024Q4, and will introduce major improvements such as account abstraction;

  3. Layer2 exploded: mainstream L2 network TVL such as Arbitrum and Base exceeded US$38 billion, setting a record high.

Risk and opportunity coexist
Although the market sentiment is optimistic, we need to be wary of the risk of short-term pullbacks. There is strong resistance around US$3,000, and the CME futures gap has not yet been filled. Investors are advised to pay attention to whether ETH can stand firm at the weekly level of $2,800. If support is confirmed to be effective, the altcoin market may usher in the most explosive growth stage in 2024, focusing on high-performance L1, DeFi blue chips and RWA leading track projects.

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