Ethereum is demonstrating signs of renewed strength, currently trading 75% above its April lows as bulls strive to regain lost ground. Despite the impressive recovery, ETH still lies approximately 98% below its all-time highs, offering significant potential for growth if the bullish momentum continues.

Many analysts and investors are eyeing Ethereum as the leading candidate to usher in the long-anticipated altseason. Top analyst Ted Pillows recently shared insights suggesting that Ethereum has retested its lower channel, a historical pattern that preceded explosive rallies in past market cycles. This setup contributed to massive gains in 2017 and 2021, leading some to believe this cycle could mirror those periods.

Currently trading at a critical technical level after reclaiming the $2,400 mark, Ethereum is at the center of attention, with bulls and bears locked in a contest. Buyers have upheld key support, but upward momentum is tempered by cautious broader market sentiment due to geopolitical tensions and tightening macroeconomic conditions.

According to Pillows's analysis, Ethereum's historical pattern indicates that a breakthrough could send ETH above $10,000 if partially repeated. However, Ethereum now faces resistance around $2,422, struggling to surpass the 50- and 100-period simple moving averages. Without a definitive break above $2,530, Ethereum remains vulnerable to retests of support zones.