Ethereum (ETH) Shatters Resistance: Ignites Altcoin Frenzy as Bulls Take Control

Ethereum just ripped through a critical price barrier—and the altcoin market is riding its coattails. Here's why traders are piling in.

The breakout nobody saw coming (except maybe the degens)

ETH's surge past its psychological resistance level triggered a domino effect across crypto markets. Suddenly every altcoin trader remembers why they over-leverage.

Liquidity floods in as shorts get rekt

The move vaporized bearish positions faster than a Bitcoin maximalist's patience for 'useless tokens.' Watch for follow-through as institutional money—always fashionably late—chases retail FOMO.

What's next? The charts whisper 'parabolic'

With ETH leading, the entire altcoin complex looks primed for a speculative frenzy. Just in time for Wall Street to pretend they invented blockchain again.

TLDR

• Ethereum price surged 50% since June 22, reaching $3,376.43 and hitting its highest levels since January
• The network now holds over 152 million active wallets, more than any other cryptocurrency including Bitcoin
• ETH broke above the $3,400 resistance level with a high of $3,423 before consolidating gains
• Social media discussions about ETH have spiked to their highest levels in months, with price targets above $4,000
• Technical indicators show bullish momentum with key support at $3,300 and resistance at $3,420

Ethereum has experienced a dramatic price recovery over the past month. The cryptocurrency has gained over 50% since June 22, marking its strongest performance since late January.

ETH is currently trading at $3,376.43. The price has gained 10.71% in the last 24 hours and 23.03% for the week.

The recent rally pushed ethereum above the $3,400 resistance level. The price reached a high of $3,423 before entering a consolidation phase.

Growing Network Activity Drives Price Action

The price surge comes alongside growing blockchain usage. According to on-chain data platform Santiment, Ethereum now holds over 152.03 million non-empty wallets.

📈 Ethereum's market value has now grown by +50% since June 22nd, hitting its highest price levels since late January. The network has over 152.03M non-empty $ETH wallets, more than any other coin in cryptocurrency.

🗣️ Additionally, the crowd has taken note of the major price… pic.twitter.com/XJoV6THMBY

— Santiment (@santimentfeed) July 16, 2025

This wallet count exceeds every other cryptocurrency. Bitcoin, the largest cryptocurrency by market cap, has fewer active wallets than Ethereum.

The wallet growth demonstrates widespread adoption of the Ethereum network. Users are actively engaging with the blockchain across various applications.

Ethereum started its fresh increase above the $3,000 zone. The price gained momentum above the $3,050 resistance and entered positive territory.

Bulls pushed the price above $3,250 before testing the $3,420 zone. The cryptocurrency is now consolidating gains above key technical levels.

Social Media Buzz Reaches Multi-Month Highs

The price rally has rekindled enthusiasm on social networks. Discussions about ETH have surged across Twitter, Reddit, and Telegram platforms.

📊 With Ethereum leading the way, there has been a huge jump in social media mentions of many altcoins and higher price targets. With Monday's Bitcoin all-time high leading to mass retail FOMO leading to the top, the mass FOMO has shifted to Ethereum today (with $4K+ price calls… pic.twitter.com/qtDAAhQvw1

— Santiment (@santimentfeed) July 16, 2025

Users are speculating on bullish price targets. Many are discussing potential moves to $4,000 and beyond.

This level of social media activity was last seen in May 2024. A similar price surge during that period drew massive attention from retail investors.

The current buzz represents the highest level of ETH discussion in months. Both traders and long-term investors are taking notice of the price action.

Technical Analysis Shows Bullish Momentum

Technical indicators support the bullish outlook. The hourly MACD is gaining momentum in the bullish zone.

The RSI for ETH/USD is now above the 50 level. This indicates strengthening buying pressure.

A key bullish trend line is forming with support at $3,300. This level coincides with the 100-hourly Simple Moving Average.

The price could face resistance NEAR the $3,350 level. The next major resistance sits at $3,400.

A clear MOVE above the $3,420 resistance might send the price toward $3,500. An upside break above $3,500 could target $3,550 or even $3,650.

If Ethereum fails to clear $3,420, a downside correction could begin. Initial support sits near $3,300.

The first major support level is at $3,220. A break below this level might push the price toward $3,180.

Industry expert Nick Tomaino recently compared bitcoin to Ethereum. He noted that Bitcoin functions primarily as a digital store of value.

Ethereum powers actual applications across multiple sectors. These include stablecoins, DeFi protocols, NFT marketplaces, and decentralized social networks.

The growing ecosystem has led to speculation about Ethereum’s long-term potential. Some believe it could eventually reach a billion users globally.

The recent price action has created a domino effect across altcoins. As ETH rises, other cryptocurrencies are gaining momentum.

This pattern is common when Ethereum leads market rallies. It indicates returning risk appetite among investors.

Ethereum is trading above $3,300 and the 100-hourly Simple Moving Average with key resistance at $3,420.