As May draws to a close, the cryptocurrency market appears to be at a technical crossroads, with Ethereum and the broader altcoin market cap both struggling to break through key resistance zones.
Analysts Michaël van de Poppe and Daan Crypto Trades shared their perspectives, highlighting major levels that need to be cleared for the next leg of the bull run to materialize.
According to Michaël van de Poppe, Ethereum briefly pushed above $2,700 but failed to hold the level, indicating it is not the decisive threshold for a breakout.
He identifies $2,850 as the critical barrier that holds significant liquidity. A sustained move above this level could trigger a strong upward continuation. Van de Poppe emphasized that Ethereum is still in a consolidation phase and building pressure for a breakout.
The longer it takes for the breakout to occur, the more significant the move could be once it happens.
Meanwhile, Daan Crypto Trades focused on the total altcoin market cap excluding Bitcoin. He noted that the market cap is still trading just below its 2024 high, a key level that has not yet been reclaimed.
In his view, unless that level is breached, the recent bounce could simply be forming a lower high. Given the recent compression, he warned that a deeper pullback could follow if Bitcoin fails to support broader price action.
The key technical focus now lies in Ethereum breaking decisively above $2,850 and the altcoin market cap pushing past the $1.23 trillion resistance. Failure to do so may reinforce bearish patterns, especially if Bitcoin fails to maintain its footing. With momentum hanging in the balance, the coming days could be crucial for determining whether the market resumes its bullish trajectory or slides back into consolidation.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/altcoin-market-and-ethereum-face-crucial-resistance-as-breakout-pressure-builds/