An analyst declares a new bull market after ethereum broke above a key monthly resistance level around $2,470 on August 31. ETH’s monthly candle closed above this level for the first time since August 2025, ending a series of lower highs and lower lows that had pushed the price to a bottom near $1,500 to $1,600 in June and July. At the time of writing, ethereum was trading above $2,400, up roughly 31% over the past month and 30% in two weeks, while remaining about 50% below its record high of $4,900. Traders cite the $4,000 area as the next major target, while a break below $2,000 would considerably weaken the bullish structure.
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